In this video, we’ll review equilibrium in the adjustment process, showing that the equilibrium price is the only stable price. Then we’ll take a look at equilibrium quantity, where quantity demanded is equal to quantity supplied, and how this plays out in a free market economy that seeks to maximize gains from trade.
***TEACHER RESOURCES***
Supply and Demand 5-day HS unit plan: https://mru.io/z48
Assessment questions: https://mru.io/principles-d6ad3
EconInbox, a free weekly email of class-ready news articles, videos, and more: https://mru.io/econinbox-a8d01
More high school teacher resources: https://mru.io/high-school-c17f4
More professor resources: https://mru.io/university-teaching-388c2
***CONTINUE LEARNING***
Next video—Does the Equilibrium Model Work?: https://mru.io/equilibrium-model-8364f
Interactive practice questions: https://mru.io/wfw
Full Microeconomics course: https://mru.io/59d
00:00 Equilibrium and Price Adjustment
01:30 Unexploited Gains from Trade and Waste
04:08 Consumer and Producer Surplus
04:49 Conclusion
