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Combining Supply and Demand
Chapter 6


Price at which quantity supplied is equal to
quantity demanded
Intersection of the demand and supply
curves
◦ All free markets want to be at equilibrium
◦ Natural forces will cause a return to
equilibrium when things get out of
balance
$
S
E
D
Q



Disequilibrium – condition in which quantity
supplied is not equal to quantity demanded
Shortage – quantity supplied is less than
quantity demanded at a given price
Surplus – quantity supplied is greater than
quantity demanded at a given price

Increase
$
S
E2
E
D2
D
Q

Decrease
$
S
E
E2
D2
D
Q

Increase
S
$
S2
E
E2
D
Q

Decrease
$
S2
S
E2
E
D
Q

Price Floor – minimum price that can legally
be charged for a g/s
◦ Guarantee for the producer
◦ Creates a surplus

Price Ceiling – maximum price that can legally
be charged for a g/s
◦ Protection for the consumer
◦ Creates a shortage
$
S
Floor
E
D
QD
Qs
Q
$
S
E
Ceiling
D
QS
QD
Q




Draw a market equilibrium graph for a
hypothetical good or service
Explain a change in supply or demand
Tell what factor caused the change
Show the effects on the graph
◦ Use the blank half sheet
◦ Put your name on the paper
◦ Turn in before you leave today
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