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2.4.2 Equilibrium price and quantity

Card 1 of 24

What must be equal at the equilibrium price?

A

Quantity demanded equals quantity supplied.

B

For the butter schedule,

600−600=0 600 - 600 = \boxed{0} 600−600=0​

at equilibrium.

C

The amount by which quantity supplied exceeds quantity demanded above equilibrium price.

D

Excess demand occurs at a price below equilibrium.

Card 1 of 24

2.4.2 Equilibrium price and quantity Flashcards

  1. GCSE
  2. /Economics
  3. /2.4.2 Equilibrium price and quantity

24 flashcards on OCR GCSE Economics 2.4.2 Equilibrium price and quantity: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.

Flashcards