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.
Ivan III Facts. Ivan III (1440-1505), called Ivan the Great, was grand duke of Moscow from 1462 to 1505. He completed the unification of Russian lands, and his reign marks the beginning of Muscovite Russia. Born on Jan. 22, 1440, in Moscow, Ivan was the oldest son of Basil II. He was married when he was 12 years old to Princess Maria of Tver. When Basil died in 1462, the 22-year-old Ivan became the grand duke of Moscow without being confirmed by the Mongol Khan.