8 min read
This study guide covers market equilibrium (where quantity supplied equals quantity demanded), market disequilibrium (surpluses and shortages), and changes in market equilibrium due to shifts in supply and demand. It explains the determinants of supply and demand, using mnemonics like I-N-S-E-C-T and R-O-T-T-E-N. The guide also provides practice questions and exam tips focusing on graphing and analyzing these shifts, including real-world applications.
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Question 1 of 10
Ready to find the perfect balance? ⚖️ In market equilibrium, what's the relationship between quantity demanded and quantity supplied?
Quantity demanded is greater than quantity supplied
Quantity supplied is greater than quantity demanded
Quantity demanded equals quantity supplied
Price is maximized