Mon Prof Augmenté
Market Equilibrium
Age 16 · Economics
Buyers usually want less as the price rises, while sellers usually offer more. The equilibrium price is the level where the falling demand curve and the rising supply curve cross.
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Age 16: open this week
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In the picture
- The crossing point: the price and quantity where the two curves meet
- The blue downward-sloping curve: demand, which falls as price rises
- The orange upward-sloping curve: supply, which rises as price rises
- The vertical axis at the crossing height: the equilibrium price level
Examples
- A farmers’ market where apple sellers lower prices until shoppers buy the remaining apples.
- A school canteen adjusting sandwich prices until the number made matches the number students buy.
Key takeaways
- Equilibrium is the price where the quantity buyers want equals the quantity sellers offer.
- Above equilibrium, unsold goods push the price down; below it, shortages push the price up.
Quiz: Market Equilibrium (Age 16)
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In a competitive market, what is the equilibrium price?
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When the market price is above equilibrium, what tends to happen?
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According to the card, what does the demand curve show?
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