Each Line Has Two Characteristics: ______ and _______

question 4

Short Answer

Each line has two characteristics: ______ and _______.

---

Definitions:

Competitive Markets

Markets where numerous producers and consumers interact, leading to efficient distribution of goods and services and price determination through supply and demand.

Supply and Demand

A fundamental economic model that describes how prices and quantity of goods and services are determined in a market.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, causing the market to be in a state of balance.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a stable market condition without excess supply or demand.