will exist. If the price is above the equilibrium level, then the quantity supplied will exceed the quantity

demanded. Excess supply or a surplus will exist. In either case, economic pressures will push the price toward

the equilibrium level.

3.2 Shifts in Demand and Supply for Goods and Services

Economists often use the ceteris paribusor “other things being equal” assumption: while examining the

economic impact of one event, all other factors remain unchanged for analysis purposes. Factors that can shift

the demand curve for goods and services, causing a different quantity to be demanded at any given price,

include changes in tastes, population, income, prices of substitute or complement goods, and expectations

about future conditions and prices. Factors that can shift the supply curve for goods and services, causing a
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