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Supply and Demand Review — Play It Free
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Supply and Demand Review
- Law of demand:
- When price rises, quantity demanded falls, other things equal.
- Law of supply:
- When price rises, quantity supplied rises, other things equal.
- Equilibrium price:
- The price at which quantity supplied equals quantity demanded.
- Shortage:
- Quantity demanded exceeds quantity supplied at the current price.
- Surplus:
- Quantity supplied exceeds quantity demanded at the current price.
- Price ceiling:
- A legal maximum price that can create a shortage when set below equilibrium.
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