IndietroMicroeconomics: Demand, Supply, and Equilibrium
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Termini in questo insieme (29)
A market where sellers sell identical goods and no individual buyer or seller can influence the market price.
Plots the relationship between the market price and the quantity of a good demanded by buyers.
Plots the relationship between the market price and the quantity of a good supplied by sellers.
The price at which the quantity demanded equals the quantity supplied in a market.
The amount of a good buyers are willing to purchase at a given price.
A table showing the quantity demanded at different prices, holding all else equal.
The sum of individual demand curves of all buyers, showing total quantity demanded at each price.
Quantity demanded rises when price falls, holding all else equal.
Caused by changes in tastes, income, prices of related goods, number of buyers, or expectations about the future.
Caused only by a change in the product's own price.
The amount of a good sellers are willing to sell at a given price.
A table showing the quantity supplied at different prices.
Plots the total quantity supplied by all sellers at each market price.
Quantity supplied rises when price rises, holding all else equal.
Caused by changes in input prices, technology, number of sellers, or sellers' expectations about the future.
Caused only by a change in the product's own price.
The market price and quantity where quantity demanded equals quantity supplied.
Occurs when consumers want more than suppliers provide at a given price, causing a shortage.
Occurs when suppliers provide more than consumers want at a given price, causing a surplus.
Decreases supply, raising equilibrium price and lowering equilibrium quantity.
Increases supply, lowering equilibrium price and raising equilibrium quantity.
Decreases demand, lowering equilibrium price and quantity.
Equilibrium price falls; equilibrium quantity change depends on magnitude of shifts.
Related goods whose price changes can shift the demand curve for a good.
Normal goods see demand rise with income; inferior goods see demand fall as income rises.
Price ceilings or floors prevent prices from reaching equilibrium, causing shortages or surpluses.
Summing quantities demanded by all buyers at each price to form the market demand schedule.
Summing quantities supplied by all sellers at each price to form the market supply schedule.
Higher input prices shift supply curve left; lower input prices shift it right.