Suppose the
Demand: Qd=150-3*p
Supply: Qs=18+3*p
What's the
The two main concepts to determine the equilibrium are the quantity demanded and quantity supplied.
Quantity demanded refers to the total amount of goods and services demanded by all the consumers in the market at a particular price and at a particular period. This is represented using a downward-sloping demand curve. Quantity supplied is known as the amount of goods that all producers in an economy are willing to produce and offer for sale at a specific price and during a specific period. The quantity supplied is represented by an upward-sloping supply curve.
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