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EQUILIBRIUM PRICE: The price that exists when a market is in equilibrium. In particular, the equilibrium price is the price that equates the quantity demanded and quantity supplied, which is termed the equilibrium quantity. Moreover, the equilibrium price is simultaneously equal to the both the demand price and supply price. In a market graph, like the one displayed here, the equilibrium price is found at the intersection of the demand curve and the supply curve. The equilibrium price is also commonly referred to as the market-clearing price.
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MARKET ADJUSTMENT The economic analysis of changes in market equilibrium caused by changes in any of the five demand determinants and/or the five supply determinants. Market adjustment comes in one of eight varieties, given that the two curves comprising the market (demand curve and supply curve) can either increase or decrease, individually or simultaneously. Four adjustments involve a shift of EITHER the demand curve OR the supply curve. The other four adjustments involve shifts of BOTH the demand curve AND the supply curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for defective microphones.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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OAPEC
Organization of Arab Petroleum Exporting Countries
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