curve shows the relationship between quantity demanded and price in a given market on a graph. The law of

demand states that a higher price typically leads to a lower quantity demanded.

A supply schedule is a table that shows the quantity supplied at different prices in the market. A supply curve

shows the relationship between quantity supplied and price on a graph. The law of supply says that a higher

price typically leads to a higher quantity supplied.

The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The

equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the price is below the

equilibrium level, then the quantity demanded will exceed the quantity supplied. Excess demand or a shortage

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