{"id":5134,"date":"2016-07-20T21:05:26","date_gmt":"2016-07-20T21:05:26","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=5134"},"modified":"2016-07-20T21:05:26","modified_gmt":"2016-07-20T21:05:26","slug":"outcome-equilibrium","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/outcome-equilibrium\/","title":{"raw":"Outcome: Equilibrium","rendered":"Outcome: Equilibrium"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage<\/h2>\nIn this section, you'll learn how supply and demand interact to determine the price in a market.\n\nThe specific things you'll learn in this section include the following:\n<ul><li>Define and explain\u00a0equilibrium price and quantity<\/li>\n\t<li>Create a graph that illustrates equilibrium price and quantity<\/li>\n\t<li>Define and explain surpluses and shortages<\/li>\n\t<li>Create a graph that illustrates surpluses and shortages<\/li>\n\t<li>Describe\u00a0how disequilibrium can create surpluses and shortages; explain how markets eliminate them<\/li>\n<\/ul><h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul><li>Reading:\u00a0Equilibrium, Surplus, and Shortage<\/li>\n\t<li>Video: Market Equilibrium<\/li>\n\t<li>Reading: Changes in Equilibrium<\/li>\n\t<li>Worked Example: Supply and Demand<\/li>\n\t<li>Simulation: Food Trucks and Changes in Equilibrium<\/li>\n\t<li>Self Check: Equilibrium<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain and graphically illustrate market equilibrium, surplus, and shortage<\/h2>\n<p>In this section, you&#8217;ll learn how supply and demand interact to determine the price in a market.<\/p>\n<p>The specific things you&#8217;ll learn in this section include the following:<\/p>\n<ul>\n<li>Define and explain\u00a0equilibrium price and quantity<\/li>\n<li>Create a graph that illustrates equilibrium price and quantity<\/li>\n<li>Define and explain surpluses and shortages<\/li>\n<li>Create a graph that illustrates surpluses and shortages<\/li>\n<li>Describe\u00a0how disequilibrium can create surpluses and shortages; explain how markets eliminate them<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading:\u00a0Equilibrium, Surplus, and Shortage<\/li>\n<li>Video: Market Equilibrium<\/li>\n<li>Reading: Changes in Equilibrium<\/li>\n<li>Worked Example: Supply and Demand<\/li>\n<li>Simulation: Food Trucks and Changes in Equilibrium<\/li>\n<li>Self Check: Equilibrium<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5134\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Equilibrium. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":19,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Equilibrium\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5134","chapter","type-chapter","status-publish","hentry"],"part":5087,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5134\/revisions"}],"predecessor-version":[{"id":5238,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5134\/revisions\/5238"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/5087"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5134\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=5134"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5134"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=5134"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=5134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}