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Aryan · 2024-06-25T07:46:09.363Z

Chapter - 9 Pages Covered - 39-41 • Market equilibrium refers to the position where the demand for a product is equal to the supply of the product. • Market disequilibrium occurs when the quantity demanded for a product is either higher or lower than the quantity supplied. Disequilibrium is inefficient as it means there are either shortages or surpluses. • If the selling price of a product is set too low (that is, below the equilibrium price), then demand will exceed supply . This excess demand creates a shortage in the market. • If the price is set too high (above the market clearing price), then supply will exceed demand. This results in a surplus, known as excess supply. • Checklist • Market equilibrium refers to the position where the demand for a product is equal to the supply of the product. • At the equilibrium price, there is neither excess quantity demanded nor excess quantity supplied. • Market disequilibrium occurs when the quantity demanded for a product is either higher or lower than the quantity supplied. • Excess demand refers to a situation where the market price is below the equilibrium price. This results in shortages. Excess supply refers to a situation where the market price is above the equilibrium price. This results in surpluses.

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Aryan

Jun 25

Edited: Jun 25

Market equilibrium

in Aryan

Chapter - 9

Pages Covered - 39-41

Market equilibrium refers to the position where the demand for a product is equal to the supply of the product.

Market disequilibrium occurs when the quantity demanded for a product is either higher or lower than the quantity supplied. Disequilibrium is inefficient as it means there are either shortages or surpluses.
If the selling price of a product is set too low (that is, below the equilibrium price), then demand will exceed supply . This excess demand creates a shortage in the market.

If the price is set too high (above the market clearing price), then supply will exceed demand. This results in a surplus, known as excess supply.

Checklist
- Market equilibrium refers to the position where the demand for a product is equal to the supply of the product.
- At the equilibrium price, there is neither excess quantity demanded nor excess quantity supplied.
- Market disequilibrium occurs when the quantity demanded for a product is either higher or lower than the quantity supplied.
- Excess demand refers to a situation where the market price is below the equilibrium price. This results in shortages. Excess supply refers to a situation where the market price is above the equilibrium price. This results in surpluses.

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