65 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

License

Icon for the Creative Commons Attribution 4.0 International License

Microeconomics by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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