Principles of Microeconomics / Unit 2 MIC 0106 short lesson, about 20 seconds
Equilibrium
Captions available
The idea
Equilibrium is the price at which quantity demanded equals quantity supplied, where the two curves cross. The equilibrium quantity is the amount traded there.
In practice
On a diagram it is the single point the two lines share.
Where people slip
Equilibrium is the only price with no pressure to change. Every other price sets off the correction in the next video.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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