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.
Black codes prevented african americans from getting certain jobs.
Answer:
The articles established a really weak form of government and gave the states most of the power
Karl marx was a german philosopher who wrote the communist manifesto and had the idea that communism was better than industrial capitalism in europe. He spread his ideas to factory workers and other laborers. He was exiled from germany and lived in england where he spread his ideas there and was known as a friend to the working man.
