Examlex
If the short-run Phillips curve has shifted downward, the _____ curve has shifted to the _____.
Market Equilibrium
The condition in which market supply equals market demand, such that prices become stable.
Increased Demand
Describes a situation where a larger number of consumers are willing and able to purchase a good or service at a given price, often leading to higher prices or a market shortage if supply does not increase correspondingly.
Price Ceiling
A legally established maximum price that can be charged for a good or service, preventing prices from reaching equilibrium levels.
Surplus
A situation where the quantity of a product supplied exceeds the quantity demanded, often resulting in a decrease in prices.
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