Finding Market Equilibrium
Analyzing the point where supply and demand meet, determining the equilibrium price and quantity.
Key Questions
- Explain how market forces naturally move towards equilibrium.
- Analyze the conditions that lead to a market surplus.
- Predict the market outcome when there is a shortage of a good.
Ontario Curriculum Expectations
Suggested Methodologies
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More in Markets and Price Determination
Demand: Definition and Law
Understanding the inverse relationship between price and quantity demanded and the factors that shift consumer preferences.
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Determinants of Demand
Exploring the non-price factors that cause the entire demand curve to shift.
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Supply: Definition and Law
Exploring how producers respond to price changes and the impact of production costs on market availability.
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Determinants of Supply
Identifying the non-price factors that cause the entire supply curve to shift.
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Shifts in Equilibrium
Examining how changes in supply or demand (or both) affect the equilibrium price and quantity.
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