Micro: Unit 1.3 -- Market Equilibrium
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Define market equilibrium, market shortage, and market surplus
Explain how disequilibrium is created and how natural market forces return the market
to equilibrium
Use data and graphs to calculate changes in quantity demanded and supplied when
prices change in a market
Demonstrate how changes in supply and demand affect price and quantity in the
product market
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