Microeconomics

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Author:
damea134
ID:
227173
Filename:
Microeconomics
Updated:
2013-07-15 13:58:38
Tags:
Chapter Demand Supply
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Description:
Miller
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  1. Market clearing, or equilibrium, price
    The price that clears the market, at which quantity demanded equals quantity supplied;the price where the demand curve intersects the supply curve.
  2. Equilibrium
    The situation when quantity supplied equals quantity demanded at a particular price.
  3. Shortage
    A situation in which quantity demanded is greater than quantity supplied at a price below the market clearing price.

    excess quantity demanded

    Shortages and scarcity are not the same thing.
  4. Surplus
    A situation in which quantity supplied is greater than quantity demanded at a price above the market clearing price.

    excess quantity supplied

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