supply and demand
Bianca Maria Postiglioni
Created on February 6, 2024
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Transcript
SUPPLY AND DEMAND
Law of supply
Law of demand
Higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied.
The higher the price of an item, the less the demand
Burgers supply graph
Burgers demand graph
Ansari, S. (2023, December 13). Supply and demand curves explained. Economics Online. https://www.economicsonline.co.uk/competitive_markets/supply-and-demand-curves-explained.html/
If the line of the graph shifts to the left, it means that it is happening a fall in supply. However, if the graph shifts to the right it is happening a rise in supply.
If the line of the graph shifts to the left, the demand is in fall. While, if the line shifts to the right the demand is rising.
Equilibrium
Equilibrium is the perfect balance between supply and demand.
When a market is in equilibrium means that the quantity supplied is equal to the quantity demanded.