Explain market equilibrium, and identify the equilibrium point on a supply–demand diagram.

1.       Define excess supply and excess demand.

2.       Explain market equilibrium, and identify the equilibrium point on a supply–demand diagram.

3.       Describe the impact of supply and demand shifts.

4.       Discuss some causes of market shifts.

5.       Illustrate how changes in income affect the demand curve.

6.       Review the basics of elasticity

Solution:

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