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3 Tutorials that teach Market Equilibrium
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Market Equilibrium

Market Equilibrium

Author: Justin Tapp
Description:

This lesson will explain the basics of market equilibriums.

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Tutorial

Notes on "Market Equilibrium"

Terms to Know

Ceteris Paribus

Holding all other variables constant.

Consumer Surplus

Determined by the difference between actual price paid for a good and the highest amount the consumer would have paid for the good.

Producer Surplus

The difference between actual payment for a good and the least amount a producer would have agreed to received for the good.

Deadweight Loss

A variable that decreases the producer and consumer surplus due to a section of incapacitated resource, such as tax.