Market Unit

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Equilibrium Price/Market Clearing Price
the price where supply and demand are equal
1 of 5
Excess Demand
the position where demand is greater than supply at a given price and there are shortages in the market
2 of 5
Excess Supply
the position where supply is greater than demand at a given price snd there are unsold goods in the market
3 of 5
Total Revenue/Expenditure
the amount of revenue generated from the sales of goods calculated by multiplying price by quantity in a given period of time
4 of 5
Disequilibrium
if the price in a market is not set at the point where supply and demand are equal disequilibrium will occur
5 of 5

Other cards in this set

Card 2

Front

the position where demand is greater than supply at a given price and there are shortages in the market

Back

Excess Demand

Card 3

Front

the position where supply is greater than demand at a given price snd there are unsold goods in the market

Back

Preview of the back of card 3

Card 4

Front

the amount of revenue generated from the sales of goods calculated by multiplying price by quantity in a given period of time

Back

Preview of the back of card 4

Card 5

Front

if the price in a market is not set at the point where supply and demand are equal disequilibrium will occur

Back

Preview of the back of card 5

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