When quantity supplied is smaller than quantity demanded, you have a ____________.

Point at which supply and demand curve intersect each other

A situation in which the quantity supplied is greater than the quantity demanded is

Price is currently above equilibrium. This will create excess__________. We would expect price to ___________.

"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"

Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.

What is the state in which market supply and demand balance each other, and as a result prices become stable?

What is characterized by changes in conditions where supply and demand are out of balance?

What will happen if there is more supply in the market than there is a demand of the product?

Changes in either demand or supply cause changes in market equilibrium

What happens when there is excess demand - that is quantity demanded is greater than quantity supplied?

What happens to the market when the chocolate bars are priced at $4 each?

What happens to the market when the chocolate bars are priced at $1 each?

What happens to the market when the chocolate bars are priced at $4 each?

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

Refer to Graph 4-5. According to the graph, What occurs at a price of $7?