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Supply and Demand Chapter 18 Check 3. Yeee haaa!!! I love notes!!!! Write everything in yellow. That will pretty much be everything. Draw this chart on your paper. A Demand Schedule. - How much consumers are willing to buy at various prices. A Supply Schedule.

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supply and demand chapter 18 check 3
Supply and Demand Chapter 18 Check 3
  • Yeee haaa!!! I love notes!!!!
  • Write everything in yellow. That will pretty much be everything.
a demand schedule
A Demand Schedule

-How much consumers are willing to buy at various prices

a supply schedule
A Supply Schedule

-How much sellers are willing to sell at various prices

equilibrium
Equilibrium

-Point of balance between price and quantity

buyers will find on shelves at equilibrium
buyers will find on shelves at equilibrium…..

-There will be ample supply on shelves

firms businesses will find at equilibrium
firms/businesses will find at equilibrium….

-There will be enough buyers for their goods

disequilibrium occurs when
Disequilibrium occurs when…

-When quantity supplied is not equal to quantity demanded

excess demand is
Excess Demand is….

-Quantity demanded is more than the quantity supplied

what will happen to customers at excess demand
What will happen to customers at excess demand?

-They will have to wait in long lines or not get the product they want

excess supply
Excess Supply

-Quantity supplied exceeds the quantity demanded

the cause of excess supply
The cause of excess supply..

-High prices or excess or over production

what will customers do at excess supply
What will customers do at excess supply?

-Buy less or buy an alternative

price ceiling
Price Ceiling

-Maximum price set by law that sellers can charge for a good or service

an example of a price ceiling is
An example of a price ceiling is...

-Rent Control, can only charge so much

problems that price ceilings cause
problems that price ceilings cause
      • -Reduces quantity and quality
  • -Waiting lists, discrimination, and bribery
price floors
Price Floors

-Minimum price set by the government that must be paid

example
Example…..

-Minimum Wage

if price floors are set wrong
if price floors are set wrong……

-Decrease in employment and benefits

-Prices of products increase sharply

the government tried to work price floors into agriculture in past years
The government tried to work price floors into agriculture in past years…

-Minimum price set, but if it goes below then the government creates demand by purchasing excess crops

now a better idea
Now, a better idea….

-Provides emergency financial aid to farmers

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