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Use demand and supply to explain how equilibrium price and quantity are determined in a market. Understand the concepts of surpluses and shortages and the pressures on price they generate. Explain the impact of a change in demand or supply on equilibrium price and quantity. More @Wikipedia
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- 3.3 Demand, Supply, and Equilibrium – Principles of EconomicsUse demand and supply to explain how equilibrium price and quantity are determined in a market. Understand the concepts of surpluses and shortages and the pressures on price they generate. Explain the impact of a change in demand or supply on equilibrium price and quantity.
- Supply and demand | Definition, Example, & Graph | Britannica ...supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. It is the main model of price determination used in economic theory.
- Law of Supply and Demand in Economics: How It WorksThe law of supply and demand combines two fundamental economic principles that describe how changes in the price of a resource, commodity, or product affect its supply...
- How Does the Law of Supply and Demand Affect Prices?Learn how the law of supply and demand affects prices, whether supply remains the same and demand increases or vice-versa, plus the exceptions to the rule.
- Supply and Demand Curves Explained - Economics OnlineIn economics, supply and demand curves govern the allocation of resources and the determination of prices in free markets. These curves illustrate the interaction between producers and consumers to determine the price of goods and the quantity traded.
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