ECON 221 1st Edition Lecture 5 Outline of Last Lecture I. Supply and Demand (cont.)a. The Market Supply Curveb. Supply Schedulec. Market Supply vs. Individual Supplyd. Shifts in Supply CurveOutline of Current LectureII. How Supply and Demand Determine Pricesa. Supply and Demand Togetherb. The Equilibrium of Supply and Demandc. Markets Not in EquilibriumCurrent LectureChapter 4: How Supply and Demand Determine Prices- Supply and Demand Togethero Equilibrium: A situation in which the market price has reached the level at which quantity supplied equals quantity demandedo Equilibrium price: the price that balances quantity supplied and quantity demandedo Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium priceThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a
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