An Overview of Market Equilibrium
This post will help you understand the theory and existence of an equilibrium in a market, as part of your Prelim Economics course. Market equilibrium occurs when the level of demand is equal to the amount of supply in a market, leading to an equilibrium quantity and price.
In the Preliminary and HSC Economics course, you will be required to illustrate an equilibrium in many different graphs, illustrating many different concepts and theories. This video below teaches you about the market equilibrium, as well as how to graph it.