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Even Though Drawings Were Not Used This Way Previously, in Recent

question 16

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Even though drawings were not used this way previously, in recent centuries, artists have used drawings as:


Definitions:

Equilibrium Price

The price in the market where the amount of a product that consumers want to buy is the same as the amount available for sale, resulting in a balanced market situation.

Demand Schedules

Tabular representations showing the quantity of a good or service that consumers are willing and able to buy at various prices, over a specified period.

Surplus

In economics, the amount by which the quantity of a product exceeds the quantity demanded at a specific price.

Shortage

A market condition in which demand for a good or service exceeds the supply available at a specific price.

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