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Market Mechanism: Equilibrium Price and its Applications

Economics · Chapter 6 · 1. Microeconomic Theory: Supply and Market Mechanism

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Your path through this chapter

  1. Visual lesson Beta

    1. Part 1: Equilibrium and Changes in Demand and Supply19 slides
    2. Part 2: Price Ceilings and Price Floors16 slides
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  2. Notes Beta

    6 sections with key terms, formulas and exam tips.

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  3. Flashcards Beta

    30 cards for quick recall of key terms and facts.

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  4. Practice

    72 board-style questions with instant checks: Multiple choice 23, Short answer 21, Long answer 8, Numerical 6.

    Practise Step 4: Not started

  5. Chapter test Free

    Short and long chapter tests in board pattern, with results and analysis.

    Step 5: Not started

Topics 5

  1. Market equilibrium and disequilibrium; excess demand and excess supply
  2. Effect of changes in demand on equilibrium price and quantity
  3. Effect of changes in supply, and of simultaneous changes in demand and supply
  4. Price ceiling, rationing and black markets
  5. Price floor (minimum support price)

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