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.
In 1547, Ivan IV assumed the title of âTsar and Grand Duke of all Rus'â (Ð¦Ð°ÑÑ Ð¸ ÐÐµÐ»Ð¸ÐºÐ¸Ð¹ ÐºÐ½ÑÐ·Ñ Ð²ÑÐµÑ Ð ÑÑÐ¸) and was crowned on 16 January, thereby turning the Grand Duchy of Moscow into Tsardom of Russia, or the Great Russian Tsardom, as it was called in the coronation document, by Constantinople Patriarch Jeremiah II and in numerous official texts, but the state partly remained referred to as Moscovia (English: Muscovy) throughout Europe, predominantly in its ...