5.10: Outcome- Equilibrium
- Page ID
- 248941
\( \newcommand{\vecs}[1]{\overset { \scriptstyle \rightharpoonup} {\mathbf{#1}} } \) \( \newcommand{\vecd}[1]{\overset{-\!-\!\rightharpoonup}{\vphantom{a}\smash {#1}}} \)\(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\) \(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\)\(\newcommand{\AA}{\unicode[.8,0]{x212B}}\)
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
CC licensed content, Original
- Outcome: Equilibrium. Authored by: Steven Greenlaw and Lumen Learning. License: CC BY: Attribution