Microeconomics › Section C · Demand and supply › Topic C.1
Demand, supply, and equilibrium
Demand and supply is the most-used model in economics: two simple curves that explain how prices are set and why they move. This topic builds each curve, crosses them, and shows how the market itself pushes price to where buyers' and sellers' plans agree.
In this topic
- Two plans, one price
- Demand and its law
- Supply and its law
- Worked example: one market's schedules
- Equilibrium: where the curves cross
- Surplus and shortage: the market's pressures
- Worked example: the same market in algebra
- Worked example: measuring a shortage and a surplus
- Demand versus quantity demanded
- Common mistakes to avoid
- Key takeaways
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