How markets work - The market forces of supply and demand - Supply and demand together
4 important questions on How markets work - The market forces of supply and demand - Supply and demand together
Why do actions of buyers and sellers, move a market towards an equilibrium point, when there is a surplus?
What happens to the quantity supplied and quantity demanded in a market, when there is a excess supply (surplus)?
- Prices go down: suppliers try to increase sales by cutting prices.
- Quantity demanded goes up: falling prices.
- Quantity supplied goes down: less profitable.
Until equilibrium point is reached.
What is the law of supply and demand?
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What are the three steps to analyse changes in market equilibrium (a shift of the equilibrium point)?
- Which curve is shifted by the event? Supply, demand or both?
- Is the curve shifted to the left or the right?
- In the supply-and-demand diagram; compare the initial equilibrium point with the new equilibrium point, which shows how the shift affects the equilibrium price and equilibrium quantity.
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