Using online sources explain (using quotes) the following concepts as they relate to economics, then interpret each one after the quotation marks

• • what is equibrium?
    • when does it happen?
    • what is equilibrium price (Qp)?
    • what is equilibrium quantity (Qe)? what happened to Qs and Qd?
  • What is marginal revenue* (MR)?
    • (*avoid discussing monopolies for now)
  • what is a price ceiling?
    • what happens to q and p?
  • what is a price floor?
    • what happens to q and p?
  • how do economists use the terms "surplus" and "shortage" ?
    • compare: how do business people view surplus and shortage?
  • when does marginal revenue* equal price?
    • explain: what does it mean that MR=Price in the long run?
    • (*avoid discussing monopolies for now, assume a competitive market)
  • what is consumer surplus?
  • what is producer surplus?

Answer rating: 100% (QA)

EquilibriumEquilibrium in economics refers to a state where economic forces such as supply and demand are balanced preventing any further changes in the system Interpretation Equilibrium is the point ... View the full answer