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Describe equilibrium

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Reference no: EM132655534

1. A. Describe equilibrium, surplus and shortage. explain what the relationship is between Qd and Qs, and between Supply and Demand curves.

1.b. What is causing these relationships to exist?

2. In a free market, what causes shortages?

3. In a free market, what causes surpluses?

4. What makes surpluses and shortages inefficient?

5. A. How and why do we return to equilibrium in the case of a surplus?

5.b. How and why do we return to equilibrium in the case of a shortage?

Reference no: EM132655534

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