Module 1.6: Market Equilibrium, Disequilibrium, & Changes in Equilibrium (B)
Explain how supply and demand curves determine a market’s equilibrium price and equilibrium quantity
Describe how changes in price move the market back to equilibrium in the case of a shortage or surplus
Learning Goals:
Explain how equilibrium price and quantity are affected when there is a change in either supply or demand
Explain how equilibrium price and quantity are affected when there is a simultaneous change in both supply and demand
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