question
supply
answer
the amount of a good or service that people are willing and able to sell at different prices
question
demand
answer
the amount of a good or service that people are willing and able to buy at different prices
question
equilibrium of supply & demand
answer
point (price & quantity) at which quantity demanded equals quantity supplied
question
Law of Demand
answer
the rule that, holding everything else constant, increases in price cause decreases in the quantity supplied, and decreases in price cause increases in the quantity supplied
question
Law of Supply
answer
the rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied
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