Subdecks (2)

Cards (5)

  • What is Equilibrium?:
    • Equilibrium is a situation in which the price has reached the level where quantity supplied equals quantity demanded​
  • If the price were above the equilibrium price, then there would be excess supply; if it were below the equilibrium price, then there would be excess demand.
  • Equilibrium:
    • At the equilibrium price, the quantity of the good buyers are willing to buy exactly balances the quantity that sellers are willing to sell.​