63 Outcome: Equilibrium
What you’ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage
In this section, you’ll learn how supply and demand interact to determine the price in a market.
The specific things you’ll learn in this section include the following:
- Define and explain equilibrium price and quantity
- Create a graph that illustrates equilibrium price and quantity
- Define and explain surpluses and shortages
- Create a graph that illustrates surpluses and shortages
- Describe how disequilibrium can create surpluses and shortages; explain how markets eliminate them
Learning Activities
The learning activities for this section include the following:
- Reading: Equilibrium, Surplus, and Shortage
- Video: Market Equilibrium
- Reading: Changes in Equilibrium
- Worked Example: Supply and Demand
- Simulation: Food Trucks and Changes in Equilibrium
- Self Check: Equilibrium