{"id":150,"date":"2016-07-19T18:00:42","date_gmt":"2016-07-19T18:00:42","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accmacro\/chapter\/outcome-equilibrium\/"},"modified":"2023-07-14T19:07:01","modified_gmt":"2023-07-14T19:07:01","slug":"outcome-equilibrium","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accmacro\/chapter\/outcome-equilibrium\/","title":{"raw":"Outcome: Equilibrium","rendered":"Outcome: Equilibrium"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage<\/h2>\nIn this section, you'll learn how supply and demand interact to determine the price in a market.\n\nThe specific things you'll learn in this section include the following:\n<ul><li>Define and explain\u00a0equilibrium price and quantity<\/li>\n\t<li>Create a graph that illustrates equilibrium price and quantity<\/li>\n\t<li>Define and explain surpluses and shortages<\/li>\n\t<li>Create a graph that illustrates surpluses and shortages<\/li>\n\t<li>Describe\u00a0how disequilibrium can create surpluses and shortages; explain how markets eliminate them<\/li>\n<\/ul><h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul><li>Reading:\u00a0Equilibrium, Surplus, and Shortage<\/li>\n\t<li>Video: Market Equilibrium<\/li>\n\t<li>Reading: Changes in Equilibrium<\/li>\n\t<li>Worked Example: Supply and Demand<\/li>\n\t<li>Simulation: Food Trucks and Changes in Equilibrium<\/li>\n\t<li>Self Check: Equilibrium<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage<\/h2>\n<p>In this section, you&#8217;ll learn how supply and demand interact to determine the price in a market.<\/p>\n<p>The specific things you&#8217;ll learn in this section include the following:<\/p>\n<ul>\n<li>Define and explain\u00a0equilibrium price and quantity<\/li>\n<li>Create a graph that illustrates equilibrium price and quantity<\/li>\n<li>Define and explain surpluses and shortages<\/li>\n<li>Create a graph that illustrates surpluses and shortages<\/li>\n<li>Describe\u00a0how disequilibrium can create surpluses and shortages; explain how markets eliminate them<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading:\u00a0Equilibrium, Surplus, and Shortage<\/li>\n<li>Video: Market Equilibrium<\/li>\n<li>Reading: Changes in Equilibrium<\/li>\n<li>Worked Example: Supply and Demand<\/li>\n<li>Simulation: Food Trucks and Changes in Equilibrium<\/li>\n<li>Self Check: Equilibrium<\/li>\n<\/ul>\n","protected":false},"author":32,"menu_order":70,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-150","chapter","type-chapter","status-publish","hentry"],"part":113,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/150\/revisions"}],"predecessor-version":[{"id":151,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/150\/revisions\/151"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/parts\/113"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapters\/150\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/media?parent=150"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/pressbooks\/v2\/chapter-type?post=150"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/contributor?post=150"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accmacro\/wp-json\/wp\/v2\/license?post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}