Equilibrium Price

Front

What is the equilibrium price in this graph?

Back

$1.50

Front

What happens if there is surplus?

Back

Sellers offer their products by lowering the price

Front

If a price is above equilibrium price, it creates a...

Back

surplus

Front

When the quantity demanded is greater than the quantity supplied it is known as

Back

a shortage

Front

When the demand for a product or service is higher than the supply this causes what?

Back

shortage

Front

When quantity supplied and quantity demanded is equal

Back

equilibrium

Front

If a price is above equilibrium price, it creates a...

Back

surplus

Front

If a price is below the equilibrium price it creates a...

Back

shortage

Front

What caused the Jordans to sell out so quickly?

Back

Demand was higher than supply.

Front

What happens if there is surplus?

Back

Sellers offer their products by lowering the price