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.
The Facts. 1  Born in 1530. 2  Son of Vasili III, who died when Ivan was only three years old. 3  Crowned Grand Prince of Moscow in 1533 after his fatherâs death, but his mother acted as regent until her death in 1538 (possibly assassinated by poison). 4  Crowned âTsar of All the Russiasâ at age 16 in 1547.