Economics assesment (1 Viewer)

[jklol]

Can someone please explain this assesment question too me its for a test and I dont understand what its even asking me and how to even write for it. cheers

“Discuss the determination of equilibrium prices and quantities in markets. Explain how
changes in demand and supply conditions can alter equilibrium prices and quantities for
markets.”

 

[jimmysmith560]

I think someone else asked the exact same question a few days ago. Here's some information I can provide:

The equilibrium price is where the supply of goods matches demand.

Equilibrium quantity is when there is no shortage or surplus of a product in the market. Supply and demand intersect, meaning the amount of an item that consumers want to buy is equal to the amount being supplied by its producers.

"Discuss the determination of equilibrium prices and quantities in markets" --> talk about how equilibrium prices and equilibrium quantities are determined in markets.

"Explain how changes in demand and supply conditions can alter equilibrium prices and quantities for markets." --> Talk about how changes in consumer demand for goods/services and the availability of those goods/services can cause changes to equilibrium prices and equilibrium quantities in markets.

I hope this helps!

 

[jklol]

damn that was fast
thanks a lot

 

[jimmysmith560]

damn that was fast
thanks a lot

No worries, good luck with your test!