Price determination depends equally on demand and supply. It is truly a balance of the two market components. To see why the balance must occur, examine what happens when there is no balance, for example when market price is below that shown as P in Figure 1. At any price below P, the quantity demanded is greater than the quantity supplied.
Ivan Vasilevich; 3 September [ O.S. 25 August] 1530 â 28 March [ O.S. 18 March] 1584), commonly known as Ivan the Terrible (Russian: Ð¸Ð²Ð°ÌÐ½ Ð³ÑÐ¾ÌÐ·Ð½ÑÐ¹â (helpÂ·info) , Ivan Grozny), was the Grand Prince of Moscow from 1533 to 1547 and Tsar of All the Russias from 1547 until his death.
By his bigoted anti-Catholicism Ivan brought down the curtain between Russia and the west. For the sake of territorial aggrandizement he deprived his country of the fruits of Western learning and civilization. Ivan III (1440-1505), called Ivan the Great, was grand duke of Moscow from 1462 to 1505.