How Markets Work - Equilibrium and Disequilibrium

This is a revision presentation on market equilibrium

This is where we put supply and demand factors together! After covering this section you should be able to explain equilibrium price and quantity and how they are determined. You will also need to understand how the operation of market forces eliminates excess demand and excess supply. Shifts in demand and supply curves will change the equilibrium price and quantity. It is highly common for data response questions to test your powers of application and analysis (and perhaps evaluation) by using markets where there have been significant price changes with consequences for consumers and producers.