How prices are determined

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  • Created by: Jade
  • Created on: 21-11-12 16:29
What is equilibrium price?
The price where demand and supply are equal.
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What is disequilibrium?
Disequilibrium is any position in the market where demand and supply are not equal.
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Where supply is greater than demand, price will?
Fall
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When demand is greater than supply, price will?
Rise
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The usual assumption made is that all other factors affecting the market remain unchanged - this is ?
Ceterius paribus
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Other cards in this set

Card 2

Front

What is disequilibrium?

Back

Disequilibrium is any position in the market where demand and supply are not equal.

Card 3

Front

Where supply is greater than demand, price will?

Back

Preview of the front of card 3

Card 4

Front

When demand is greater than supply, price will?

Back

Preview of the front of card 4

Card 5

Front

The usual assumption made is that all other factors affecting the market remain unchanged - this is ?

Back

Preview of the front of card 5

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