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6 Cards in this Set
- Front
- Back
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Shifts in demand |
TRIPA |
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FSPME |
Factors Shift Change in price Movement (extension) Equilibrium |
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Consumer surplus |
Difference between what consumers are willing and able to pay (indicated by demand curve) and what they actually pay (market price) |
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Producer surplus |
Difference between the price they received and the price producers are willing and able to supply a good for. |
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PED= |
%🔺Qd %🔺P |
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%🔺P |
New-old X 100 Old |
