63 Outcome: Equilibrium (45/160) -- Microeconomics

63 Outcome: Equilibrium What you’ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage In this section, you’ll learn how supply and demand interact to determine the price in a market. The specific things you’ll learn in this section include the following: - Define and explain equilibrium price and quantity - Create a graph that illustrates equilibrium price and quantity - Define and explain surpluses and shortages - Create a graph that illustrates surpluses and shortages - Describe how disequilibrium can create surpluses and shortages; explain how markets eliminate them Learning Activities The learning activities for this section include the following: - Reading: Equilibrium, Surplus, and Shortage - Video: Market Equilibrium - Reading: Changes in Equilibrium - Worked Example: Supply and Demand - Simulation: Food Trucks and Changes in Equilibrium - Self Check: Equilibrium