Briefly restate how a market equilibrium is generated

Reference no: EM13201783

the supply and demand curves for a given market, largely following the neo-classical rendering.

a) Briefly restate how a market equilibrium is generated (how the demand and supply curve are derived and why a market may tend to hover at the intersection of the two curves).

b) Do you feel that theory works for commodities markets in general (i.e. that it is a good enough representation to allow useful analysis)? What about labour markets? Is there any difference between labour and commodities that would make the theory a better representation in one case than the other?

Reference no: EM13201783

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