TOPIC 3: MARKETS
Market Equilibrium
Market price
- market equilibrium – using diagrams
- movement to equilibrium
- effects of changes in supply and/or demand on equilibrium market price and quantity through the use of diagrams
- effects of changing levels of competition and market power on price and output (see market structures)
- ceiling prices, floor prices
- market failure – merit goods, public goods, externalities
READ: Finding an equilibrium price (tutor2u)
WATCH: Market equilibrium (YouTube clip by mjmfoodie)
WATCH: Market equilibrium (YouTube clip by mjmfoodie)
READ: Government intervention in the market (tutor2u)
WATCH: Price Floors and Price Ceilings (YouTube clip by mjmfoodie)
WATCH: Price Floors and Price Ceilings (YouTube clip by mjmfoodie)