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Kevin is hanging out with some friends at the mall when he bumps into his ex-girlfriend and her new boyfriend.He is devastated.He feels like his heart has been torn open,and he is on the verge of tears.Although he has only said "hi" to her,he believes that his friends,his ex-girlfriend,and her new boyfriend can all see his heartache.This phenomenon is known as
Equilibrium Price
The price at which the inventory of goods available meets the consumer demand in the marketplace.
Equilibrium Quantity
The level of goods or services on offer and in demand at the market's equilibrium price.
Demand Equation
A mathematical representation of the relationship between the quantity demanded of a good and its price, along with other factors like income and prices of related goods.
Supply Equation
An algebraic equation that represents the relationship between the quantity supplied of a good and its price, holding other factors constant.
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