Ch 3: Market Equilibrium, Supply & Demand

About This Chapter

Make sure you're prepared for questions on an upcoming exam that address market equilibrium, supply and demand by utilizing the study tools in this chapter. Benefit from engaging video lessons, mini quizzes and a practice exam that make studying fun and effective!

Market Equilibrium, Supply & Demand - Chapter Summary

This online chapter offers an in-depth exploration of market equilibrium, supply and demand concepts. Engaging videos developed by expert instructors closely examine the market demand schedule, supply curves, demand curves, equilibrium and more. Get the knowledge you need without setting foot in a traditional classroom! By the end of this chapter, you will be able to:

  • Describe the process of creating of a demand schedule, and explain what the demand schedule represents
  • Explain how to create the supply schedule, and discuss what it is used for
  • Discuss the reasons that demand curves are downward sloping
  • Provide an explanation for the upward sloping nature of supply curves
  • Define equilibrium and demonstrate an ability to calculate equilibrium
  • Share ways market equilibrium is impacted by supply and demand

The lessons in this chapter are available as videos and full transcripts. Videos average about 8 minutes in length and feature clickable timelines you can use to skip to key topics. Full transcripts enable you to read the lessons online or print and add them to your study materials. With each lesson is a multiple-choice quiz designed to gauge your comprehension of the concepts it covers. To get a broader review of market equilibrium, supply and demand concepts, take this chapter's practice exam.

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