Create an account
individual demand curve
illustrates the relationship between quantity demanded and price for an individual consumer
if a rise in the price of one of two goods leads to an increase in the demand for the other good
is the actual amount of a good or service producers are willing to sell at some specific price
shift of the supply curve
is a change in the quantity supplied of a good or service at any given price
movement along the supply curve
is a change in the quantity supplied of a good that is the result of a change in the goods price
individual supply curve
illustrates the relationship between quantity supplied and price for an individual producer
the price that matches the quantity supplied and the quantity demanded is the ____
market clearing price
the price that clears the market by ensuring that every buyer willing to pay that price finds a seller willing to sell at that price and vice versa
when the quantity supplied exceeds the quantity demanded... when the price is above its equilibrium level
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together