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Demand Supply and Market Equilibrium (Supply (Law (Others equal, Quantity…
Demand Supply and Market Equilibrium
Supply
Law
Others equal
Quantity rises
Price rises
Schedule
Table of
Price of goods
Quantity supplied
Curve
Graph of
Price of goods
Quantity supplied
Shifts
Movement along the supply curve
Factor
Input prices
Technology
Expectation
Number of sellers
Equilibrium
Supply = Demand
Equilibrium Price an Quantity
Intersect
Surplus
Price > Equlibrium price
Quantity supplied >Quantity demanded
Shortage
Price < Equilibrium price
Quantity demanded > Quantity supplied
Law
Claim of prices
Quantity supplied and Quantity demanded balance
Demand
Law
Others equal
Quantity falls
Price rises
Schedule
Table of
Price of goods
Quantity demanded
Curve
Graph of
Price of goods
Quantity demanded
Shifts
Movement along the demand curve
Factor
Consumer incomes
Prices of related goods
Tastes
Expectations
Number of buyers
Type of Market Competition
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition