Demand and Supply, Market Equilibrium, Microeconomics
From our last Lectures we now do know that Equilibrium prices are determined by the relative level of supply and demand. And that changes in supply and/or demand will cause change in the equilibrium price and/or quantity in a free market. Let us provide some example...
Demand and Supply, Market Equilibrium, Microeconomics
Market Mechanism The Market Mechanism is the tendency in a free market for price to change until the Market Clears. Markets clear when Quantity Demanded equals Quantity Supplied at the prevailing price. Market clearing price. Price at which markets clears (Qs and Qd...
