Micro 2.2 Supply and Demand (Economics)

The video tutorial covers key economic concepts of equilibrium and disequilibrium in supply and demand. It explains the law of demand and supply, showing how they interact to form price equilibrium. The tutorial further explores scenarios of surplus and shortage, illustrating consumer and producer behaviors when prices are too high or too low.

What is the difference between a surplus and a shortage in a market?

Describe the effects of a low price on quantity demanded and quantity supplied.