In this lesson, we bring together the concepts of demand and supply to determine the market clearing price and quantity. Further, we examine the natural market forces that move markets to an equilibrium. We also discuss...
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In this lesson, we bring together the concepts of demand and supply to determine the market clearing price and quantity. Further, we examine the natural market forces that move markets to an equilibrium. We also discuss the concepts of consumer and producer surplus. We close the lesson with an assessment of the impact of government price floors and ceilings on market outcomes and welfare.
