The intersection between the supply curve (an upward sloping function) and the demand curve (a downwardsloping function) determines the equilibrium point of a market. The equilibrium is the point which represents the exact market price and quantity demanded/supplied at which the wishes of consumers and suppliers meet.
<u>When the market is not in the equilibrium point</u>, two different situations could be happening:
- Excess demand: this is a situation in which the market price is located below the equilibrium price. The quantity demanded at that market price would exceed the amount that the producers are willing to produce and supply at that same price. Therefore, not all consumers are able to obtain the product they desire and there is rationing.
- Excess supply: at a certain price located above the equilibrium, the quantity that suppliers are willing to produce exceeds the amount demanded by consumers at that more expensive price. Therefore, suppliers would not be able to sell their whole production in the market.
It's called a term. When a elected official serves an certain amount of time in office. That's called a term because they're serving for a given number amount of time in a certain period.
The Philosophy of Reform that shaped this era rose from two distinct sources. These sources were t<span>ranscendental ideologies and Protestant revivalism.</span>
Answer:
They believed that the articles unfairly criticized the church and its influence.
Explanation:
