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Modern microeconomics (What Is Competition (Perfect Competition (Products…
Modern microeconomics
What Is Competition
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Monopoly
One seller, and seller controls price
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Market Equilibrium
equilibrium prices
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On graph, price at which the supply and demand curves intersect.
equilibrium quantity
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On graph, quantity at which the supply and demand curves intersect.
Surplus
When price > equilibrium price, then Qs > Qd.
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Shortage
price < equilibrium price, then Qd > Qs.
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DEMAND
law of demand
quantity demand of goods falls, prices of goods rises
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