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Econ. Nov 3
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Published on Dec 19, 2015
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1.
Market Equilibrium
Mr. Melkonian
Photo by
Daniele Muscetta
2.
Market equilibrium
price where no shortage or surplus occurs
3.
if an item is too expensive
people aren't buying as much (surplus)
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DVIDSHUB
4.
If an item is cheap
people buy more, usually won't be enough (shortage)
Photo by
khteWisconsin
5.
Cookies
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Mrs Magic
6.
demand/supply curve
nom nom nom
Photo by
Michelle O'Connell Photography
7.
prices below equilibrium
frustrated customers who can't buy a lot
Photo by
martinak15
8.
sometimes these customers offer more than stated price
markham bidding wars
Photo by
archer10 (Dennis)
9.
prices above equilibrium
many unsold goods - sellers undercut (tutor)
Photo by
Tulane Public Relations
Peter Melkonian
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