demand curve a graphic representation of the relationship between price and quantity demanded of a certain

good or service, with quantity on the horizontal axis and the price on the vertical axis

demand schedule a table that shows a range of prices for a certain good or service and the quantity demanded

at each price

economic surplus see social surplus

equilibrium the situation where quantity demanded is equal to the quantity supplied; the combination of

price and quantity where there is no economic pressure from surpluses or shortages that would cause

price or quantity to change

equilibrium price the price where quantity demanded is equal to quantity supplied

equilibrium quantity the quantity at which quantity demanded and quantity supplied are equal for a certain

price level

excess demand at the existing price, the quantity demanded exceeds the quantity supplied; also called a

shortage
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