Title: Unit Test Review Flashcards | Quizlet
Headings: Unit Test Review
Unit Test Review
Terms in this set (15)

Content: Unit Test Review Flashcards | Quizlet
Unit Test Review
Created by
Helpful0123
Terms in this set (15)
Equilibrium occurs when supply and demand coordinate to
set prices and production. A monopoly is a market that has
a single supplier of a good or service. Why is pure competition considered an unsustainable system? Producers cannot make a profit if they keep dropping their prices. A possible result of disequilibrium is
excess demand. Excess supply is created when price or ____ move away from the equilibrium point. quantity
The graph shows a point of equilibrium. If supply for a product is low but demand is high, what most likely needs to happen to achieve equilibrium? The supply needs to be raised. The chart shows the marginal cost and marginal revenue of producing apple pies.