The price at which demand is equal to supply and there is no tendancy for change. It is the point where the demand curve and supply curve meet on the graph.
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Disequilibrium
A situation within the market where supply does not equal demand
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Excess Supply
When supply at a particular price is greater than demand; this should signal to producers to lower prices.
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Market-clearing price
The price at which all goods that are supplied will be demanded
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Excess Demand
When demand is greater than supply at a given price
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Maximum price
A price ceiling above which the price of a good or service is not allowed to increase
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Minimum price
A price floor which the price for a good or service is not allowed to decrease
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Other cards in this set
Card 2
Front
A situation within the market where supply does not equal demand
Back
Disequilibrium
Card 3
Front
When supply at a particular price is greater than demand; this should signal to producers to lower prices.
Back
Card 4
Front
The price at which all goods that are supplied will be demanded
Back
Card 5
Front
When demand is greater than supply at a given price
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