TAILIEUCHUNG - Economic Indicators JUNE 2012: Prepared for the Joint Economic Committee by the Council of Economic Advisers

This logic, which is illustrated in Figure 2-8, justifies the conclusion that the only equilibrium price is the price in which the quantity supplied equals the quantity demanded. Any other price will tend to rise in a shortage, or fall in a surplus, until supply and demand are balanced. In Figure 2-8, a surplus arises at any price above the equilibrium price p*, because the quantity supplied qs is larger than the quantity demanded qd. The effect of the surplus – leading to sellers with excess inventory – induces price cutting which is. | 112th Congress 2nd Session Economic Indicators JUNE 2012 Includes data available as of July 9 2012 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 2012 AUTHENTICATED . GOVERNMENT INFORMATION s GPO JOINT ECONOMIC COMMITTEE Created pursuant to Sec. 5 a of Public Law 304 79th Cong. Robert P. Casey JR. Pennsylvania Chairman Kevin Brady Texas Vice Chairman Senate House of Representatives Jeff Bingaman New Mexico Amy Klobuchar Minnesota Jim Webb Virginia Mark R. Warner Virginia Bernard Sanders Vermont Jim DeMint South Carolina Dan Coats Indiana Mike Lee Utah Pat Toomey Pennsylvania Michael C. Burgess . Texas John Campbell California Sean P. Duffy Wisconsin Justin Amash Michigan Mick Mulvaney South Carolina Maurice D. Hinchey New York Carolyn B. Maloney New York Loretta Sanchez California Elijah E. Cummings Maryland William E. Hansen Executive Director COUNCIL OF ECONOMIC ADVISERS Alan B. Krueger Chairman Katharine G. Abraham Member Public Law 120 81st Congress Chapter 237 1st Session JOINT RESOLUTION . Res. 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23 1949. Charts prepared under the

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