EQUILIBRIUM (Supply & Demand too!)

Elasticity & Inelasticity of Demand are most reliant on

Decrease shifts of demand...

Examples of government influence include

Increase shifts of supply...

If price is going up in the future...

Elasticity & Inelasticity of supply is most reliant on

When taxes increase the equilibrium shifts causing

Increases in supply and demand both shift

Subsidies ($ from government) shift equilibrium because they cause a shift in...

An example of an inelastic supply would be

To figure out THE QUANTITY of excess supply...

An example of a price ceiling is...

An example of a price floor is...

Baby boomers demanding more at every age is an example of a shift due to

When buyers purchase exactly what producers are willing to sell the market is said to be in...

When the price of a product A increases, its complement B equilibrium shifts...

Substitute effects shift equilibrium because they shift

The law of supply shows that

When price is above equilibrium...

To figure out if there is a shortage..

When income increases, there is a shift in equilibrium causing

Price ceilings are placed on goods that are...

Increase shifts of demand...

Popularity of a product will cause equilibrium to shift because it...

This determines the balanced point of supply & demand in a market

When a product is no longer unavailable, there is a shift in equilibrium for demand due to

Decrease shifts of supply...

Decreases in supply and demand both shift

When price goes up...