Market Unit 0.0 / 5 ? BusinessTheme 1: Marketing and People ASEdexcel Created by: charlottemay27Created on: 05-04-16 19:59 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
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