Equilibrium: It is the point at which the supply curve and the demand curve intersect.
Shortage: Quantity demanded leads to quantity surplus
Surplus: QS>QD
Price Floor: Government price control on how low a price can be charged for a product.
Price Ceiling: Government imposed limit on how high a price is charged.
Fixed Cost: Cost that does not change no matter how much is produced.
Variable Cost: Cost does change depending on how much is produced.
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