Explain market equilibrium, and identify the equilibrium point on a supply–demand diagram.

What are the main ideas of the two articles?
December 25, 2020
Equilibrium of Demand and Supply
December 25, 2020

1.       Define excess supply and excess demand.

2.       Explain market equilibrium, and identify the equilibrium point on a supply–demand diagram.

3.       Describe the impact of supply and demand shifts.

4.       Discuss some causes of market shifts.

5.       Illustrate how changes in income affect the demand curve.

6.       Review the basics of elasticity