market equilibrium assignment

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3.3 Demand, Supply, and Equilibrium

Learning objectives.

• Use demand and supply to explain how equilibrium price and quantity are determined in a market.
• Understand the concepts of surpluses and shortages and the pressures on price they generate.
• Explain the impact of a change in demand or supply on equilibrium price and quantity.
• Explain how the circular flow model provides an overview of demand and supply in product and factor markets and how the model suggests ways in which these markets are linked.

In this section we combine the demand and supply curves we have just studied into a new model. The model of demand and supply uses demand and supply curves to explain the determination of price and quantity in a market.

The Determination of Price and Quantity

The logic of the model of demand and supply is simple. The demand curve shows the quantities of a particular good or service that buyers will be willing and able to purchase at each price during a specified period. The supply curve shows the quantities that sellers will offer for sale at each price during that same period. By putting the two curves together, we should be able to find a price at which the quantity buyers are willing and able to purchase equals the quantity sellers will offer for sale.

Figure 3.7 “The Determination of Equilibrium Price and Quantity” combines the demand and supply data introduced in Figure 3.1 “A Demand Schedule and a Demand Curve” and Figure 3.4 “A Supply Schedule and a Supply Curve” . Notice that the two curves intersect at a price of $6 per pound—at this price the quantities demanded and supplied are equal. Buyers want to purchase, and sellers are willing to offer for sale, 25 million pounds of coffee per month. The market for coffee is in equilibrium. Unless the demand or supply curve shifts, there will be no tendency for price to change. The equilibrium price in any market is the price at which quantity demanded equals quantity supplied. The equilibrium price in the market for coffee is thus $6 per pound. The equilibrium quantity is the quantity demanded and supplied at the equilibrium price. At a price above the equilibrium, there is a natural tendency for the price to fall. At a price below the equilibrium, there is a tendency for the price to rise.

Figure 3.7 The Determination of Equilibrium Price and Quantity

When we combine the demand and supply curves for a good in a single graph, the point at which they intersect identifies the equilibrium price and equilibrium quantity. Here, the equilibrium price is $6 per pound. Consumers demand, and suppliers supply, 25 million pounds of coffee per month at this price.

With an upward-sloping supply curve and a downward-sloping demand curve, there is only a single price at which the two curves intersect. This means there is only one price at which equilibrium is achieved. It follows that at any price other than the equilibrium price, the market will not be in equilibrium. We next examine what happens at prices other than the equilibrium price.

Figure 3.8 “A Surplus in the Market for Coffee” shows the same demand and supply curves we have just examined, but this time the initial price is $8 per pound of coffee. Because we no longer have a balance between quantity demanded and quantity supplied, this price is not the equilibrium price. At a price of $8, we read over to the demand curve to determine the quantity of coffee consumers will be willing to buy—15 million pounds per month. The supply curve tells us what sellers will offer for sale—35 million pounds per month. The difference, 20 million pounds of coffee per month, is called a surplus. More generally, a surplus is the amount by which the quantity supplied exceeds the quantity demanded at the current price. There is, of course, no surplus at the equilibrium price; a surplus occurs only if the current price exceeds the equilibrium price.

Figure 3.8 A Surplus in the Market for Coffee

At a price of $8, the quantity supplied is 35 million pounds of coffee per month and the quantity demanded is 15 million pounds per month; there is a surplus of 20 million pounds of coffee per month. Given a surplus, the price will fall quickly toward the equilibrium level of $6.

A surplus in the market for coffee will not last long. With unsold coffee on the market, sellers will begin to reduce their prices to clear out unsold coffee. As the price of coffee begins to fall, the quantity of coffee supplied begins to decline. At the same time, the quantity of coffee demanded begins to rise. Remember that the reduction in quantity supplied is a movement along the supply curve—the curve itself does not shift in response to a reduction in price. Similarly, the increase in quantity demanded is a movement along the demand curve—the demand curve does not shift in response to a reduction in price. Price will continue to fall until it reaches its equilibrium level, at which the demand and supply curves intersect. At that point, there will be no tendency for price to fall further. In general, surpluses in the marketplace are short-lived. The prices of most goods and services adjust quickly, eliminating the surplus. Later on, we will discuss some markets in which adjustment of price to equilibrium may occur only very slowly or not at all.

Just as a price above the equilibrium price will cause a surplus, a price below equilibrium will cause a shortage. A shortage is the amount by which the quantity demanded exceeds the quantity supplied at the current price.

Figure 3.9 “A Shortage in the Market for Coffee” shows a shortage in the market for coffee. Suppose the price is $4 per pound. At that price, 15 million pounds of coffee would be supplied per month, and 35 million pounds would be demanded per month. When more coffee is demanded than supplied, there is a shortage.

Figure 3.9 A Shortage in the Market for Coffee

At a price of $4 per pound, the quantity of coffee demanded is 35 million pounds per month and the quantity supplied is 15 million pounds per month. The result is a shortage of 20 million pounds of coffee per month.

In the face of a shortage, sellers are likely to begin to raise their prices. As the price rises, there will be an increase in the quantity supplied (but not a change in supply) and a reduction in the quantity demanded (but not a change in demand) until the equilibrium price is achieved.

Shifts in Demand and Supply

Figure 3.10 Changes in Demand and Supply

A change in demand or in supply changes the equilibrium solution in the model. Panels (a) and (b) show an increase and a decrease in demand, respectively; Panels (c) and (d) show an increase and a decrease in supply, respectively.

A change in one of the variables (shifters) held constant in any model of demand and supply will create a change in demand or supply. A shift in a demand or supply curve changes the equilibrium price and equilibrium quantity for a good or service. Figure 3.10 “Changes in Demand and Supply” combines the information about changes in the demand and supply of coffee presented in Figure 3.2 “An Increase in Demand” , Figure 3.3 “A Reduction in Demand” , Figure 3.5 “An Increase in Supply” , and Figure 3.6 “A Reduction in Supply” In each case, the original equilibrium price is $6 per pound, and the corresponding equilibrium quantity is 25 million pounds of coffee per month. Figure 3.10 “Changes in Demand and Supply” shows what happens with an increase in demand, a reduction in demand, an increase in supply, and a reduction in supply. We then look at what happens if both curves shift simultaneously. Each of these possibilities is discussed in turn below.

An Increase in Demand

An increase in demand for coffee shifts the demand curve to the right, as shown in Panel (a) of Figure 3.10 “Changes in Demand and Supply” . The equilibrium price rises to $7 per pound. As the price rises to the new equilibrium level, the quantity supplied increases to 30 million pounds of coffee per month. Notice that the supply curve does not shift; rather, there is a movement along the supply curve.

Demand shifters that could cause an increase in demand include a shift in preferences that leads to greater coffee consumption; a lower price for a complement to coffee, such as doughnuts; a higher price for a substitute for coffee, such as tea; an increase in income; and an increase in population. A change in buyer expectations, perhaps due to predictions of bad weather lowering expected yields on coffee plants and increasing future coffee prices, could also increase current demand.

A Decrease in Demand

Panel (b) of Figure 3.10 “Changes in Demand and Supply” shows that a decrease in demand shifts the demand curve to the left. The equilibrium price falls to $5 per pound. As the price falls to the new equilibrium level, the quantity supplied decreases to 20 million pounds of coffee per month.

Demand shifters that could reduce the demand for coffee include a shift in preferences that makes people want to consume less coffee; an increase in the price of a complement, such as doughnuts; a reduction in the price of a substitute, such as tea; a reduction in income; a reduction in population; and a change in buyer expectations that leads people to expect lower prices for coffee in the future.

An Increase in Supply

An increase in the supply of coffee shifts the supply curve to the right, as shown in Panel (c) of Figure 3.10 “Changes in Demand and Supply” . The equilibrium price falls to $5 per pound. As the price falls to the new equilibrium level, the quantity of coffee demanded increases to 30 million pounds of coffee per month. Notice that the demand curve does not shift; rather, there is movement along the demand curve.

Possible supply shifters that could increase supply include a reduction in the price of an input such as labor, a decline in the returns available from alternative uses of the inputs that produce coffee, an improvement in the technology of coffee production, good weather, and an increase in the number of coffee-producing firms.

A Decrease in Supply

Panel (d) of Figure 3.10 “Changes in Demand and Supply” shows that a decrease in supply shifts the supply curve to the left. The equilibrium price rises to $7 per pound. As the price rises to the new equilibrium level, the quantity demanded decreases to 20 million pounds of coffee per month.

Possible supply shifters that could reduce supply include an increase in the prices of inputs used in the production of coffee, an increase in the returns available from alternative uses of these inputs, a decline in production because of problems in technology (perhaps caused by a restriction on pesticides used to protect coffee beans), a reduction in the number of coffee-producing firms, or a natural event, such as excessive rain.

You are likely to be given problems in which you will have to shift a demand or supply curve.

Suppose you are told that an invasion of pod-crunching insects has gobbled up half the crop of fresh peas, and you are asked to use demand and supply analysis to predict what will happen to the price and quantity of peas demanded and supplied. Here are some suggestions.

Put the quantity of the good you are asked to analyze on the horizontal axis and its price on the vertical axis. Draw a downward-sloping line for demand and an upward-sloping line for supply. The initial equilibrium price is determined by the intersection of the two curves. Label the equilibrium solution. You may find it helpful to use a number for the equilibrium price instead of the letter “P.” Pick a price that seems plausible, say, 79¢ per pound. Do not worry about the precise positions of the demand and supply curves; you cannot be expected to know what they are.

Step 2 can be the most difficult step; the problem is to decide which curve to shift. The key is to remember the difference between a change in demand or supply and a change in quantity demanded or supplied. At each price, ask yourself whether the given event would change the quantity demanded. Would the fact that a bug has attacked the pea crop change the quantity demanded at a price of, say, 79¢ per pound? Clearly not; none of the demand shifters have changed. The event would, however, reduce the quantity supplied at this price, and the supply curve would shift to the left. There is a change in supply and a reduction in the quantity demanded. There is no change in demand.

Next check to see whether the result you have obtained makes sense. The graph in Step 2 makes sense; it shows price rising and quantity demanded falling.

It is easy to make a mistake such as the one shown in the third figure of this Heads Up! One might, for example, reason that when fewer peas are available, fewer will be demanded, and therefore the demand curve will shift to the left. This suggests the price of peas will fall—but that does not make sense. If only half as many fresh peas were available, their price would surely rise. The error here lies in confusing a change in quantity demanded with a change in demand. Yes, buyers will end up buying fewer peas. But no, they will not demand fewer peas at each price than before; the demand curve does not shift.

Simultaneous Shifts

As we have seen, when either the demand or the supply curve shifts, the results are unambiguous; that is, we know what will happen to both equilibrium price and equilibrium quantity, so long as we know whether demand or supply increased or decreased. However, in practice, several events may occur at around the same time that cause both the demand and supply curves to shift. To figure out what happens to equilibrium price and equilibrium quantity, we must know not only in which direction the demand and supply curves have shifted but also the relative amount by which each curve shifts. Of course, the demand and supply curves could shift in the same direction or in opposite directions, depending on the specific events causing them to shift.

For example, all three panels of Figure 3.11 “Simultaneous Decreases in Demand and Supply” show a decrease in demand for coffee (caused perhaps by a decrease in the price of a substitute good, such as tea) and a simultaneous decrease in the supply of coffee (caused perhaps by bad weather). Since reductions in demand and supply, considered separately, each cause the equilibrium quantity to fall, the impact of both curves shifting simultaneously to the left means that the new equilibrium quantity of coffee is less than the old equilibrium quantity. The effect on the equilibrium price, though, is ambiguous. Whether the equilibrium price is higher, lower, or unchanged depends on the extent to which each curve shifts.

Figure 3.11 Simultaneous Decreases in Demand and Supply

Both the demand and the supply of coffee decrease. Since decreases in demand and supply, considered separately, each cause equilibrium quantity to fall, the impact of both decreasing simultaneously means that a new equilibrium quantity of coffee must be less than the old equilibrium quantity. In Panel (a), the demand curve shifts farther to the left than does the supply curve, so equilibrium price falls. In Panel (b), the supply curve shifts farther to the left than does the demand curve, so the equilibrium price rises. In Panel (c), both curves shift to the left by the same amount, so equilibrium price stays the same.

If the demand curve shifts farther to the left than does the supply curve, as shown in Panel (a) of Figure 3.11 “Simultaneous Decreases in Demand and Supply” , then the equilibrium price will be lower than it was before the curves shifted. In this case the new equilibrium price falls from $6 per pound to $5 per pound. If the shift to the left of the supply curve is greater than that of the demand curve, the equilibrium price will be higher than it was before, as shown in Panel (b). In this case, the new equilibrium price rises to $7 per pound. In Panel (c), since both curves shift to the left by the same amount, equilibrium price does not change; it remains $6 per pound.

Regardless of the scenario, changes in equilibrium price and equilibrium quantity resulting from two different events need to be considered separately. If both events cause equilibrium price or quantity to move in the same direction, then clearly price or quantity can be expected to move in that direction. If one event causes price or quantity to rise while the other causes it to fall, the extent by which each curve shifts is critical to figuring out what happens. Figure 3.12 “Simultaneous Shifts in Demand and Supply” summarizes what may happen to equilibrium price and quantity when demand and supply both shift.

Figure 3.12 Simultaneous Shifts in Demand and Supply

If simultaneous shifts in demand and supply cause equilibrium price or quantity to move in the same direction, then equilibrium price or quantity clearly moves in that direction. If the shift in one of the curves causes equilibrium price or quantity to rise while the shift in the other curve causes equilibrium price or quantity to fall, then the relative amount by which each curve shifts is critical to figuring out what happens to that variable.

As demand and supply curves shift, prices adjust to maintain a balance between the quantity of a good demanded and the quantity supplied. If prices did not adjust, this balance could not be maintained.

Notice that the demand and supply curves that we have examined in this chapter have all been drawn as linear. This simplification of the real world makes the graphs a bit easier to read without sacrificing the essential point: whether the curves are linear or nonlinear, demand curves are downward sloping and supply curves are generally upward sloping. As circumstances that shift the demand curve or the supply curve change, we can analyze what will happen to price and what will happen to quantity.

An Overview of Demand and Supply: The Circular Flow Model

Implicit in the concepts of demand and supply is a constant interaction and adjustment that economists illustrate with the circular flow model. The circular flow model provides a look at how markets work and how they are related to each other. It shows flows of spending and income through the economy.

A great deal of economic activity can be thought of as a process of exchange between households and firms. Firms supply goods and services to households. Households buy these goods and services from firms. Households supply factors of production—labor, capital, and natural resources—that firms require. The payments firms make in exchange for these factors represent the incomes households earn.

The flow of goods and services, factors of production, and the payments they generate is illustrated in Figure 3.13 “The Circular Flow of Economic Activity” . This circular flow model of the economy shows the interaction of households and firms as they exchange goods and services and factors of production. For simplicity, the model here shows only the private domestic economy; it omits the government and foreign sectors.

Figure 3.13 The Circular Flow of Economic Activity

This simplified circular flow model shows flows of spending between households and firms through product and factor markets. The inner arrows show goods and services flowing from firms to households and factors of production flowing from households to firms. The outer flows show the payments for goods, services, and factors of production. These flows, in turn, represent millions of individual markets for products and factors of production.

The circular flow model shows that goods and services that households demand are supplied by firms in product markets . The exchange for goods and services is shown in the top half of Figure 3.13 “The Circular Flow of Economic Activity” . The bottom half of the exhibit illustrates the exchanges that take place in factor markets. factor markets are markets in which households supply factors of production—labor, capital, and natural resources—demanded by firms.

Our model is called a circular flow model because households use the income they receive from their supply of factors of production to buy goods and services from firms. Firms, in turn, use the payments they receive from households to pay for their factors of production.

The demand and supply model developed in this chapter gives us a basic tool for understanding what is happening in each of these product or factor markets and also allows us to see how these markets are interrelated. In Figure 3.13 “The Circular Flow of Economic Activity” , markets for three goods and services that households want—blue jeans, haircuts, and apartments—create demands by firms for textile workers, barbers, and apartment buildings. The equilibrium of supply and demand in each market determines the price and quantity of that item. Moreover, a change in equilibrium in one market will affect equilibrium in related markets. For example, an increase in the demand for haircuts would lead to an increase in demand for barbers. Equilibrium price and quantity could rise in both markets. For some purposes, it will be adequate to simply look at a single market, whereas at other times we will want to look at what happens in related markets as well.

In either case, the model of demand and supply is one of the most widely used tools of economic analysis. That widespread use is no accident. The model yields results that are, in fact, broadly consistent with what we observe in the marketplace. Your mastery of this model will pay big dividends in your study of economics.

Key Takeaways

• The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves.
• A surplus exists if the quantity of a good or service supplied exceeds the quantity demanded at the current price; it causes downward pressure on price. A shortage exists if the quantity of a good or service demanded exceeds the quantity supplied at the current price; it causes upward pressure on price.
• An increase in demand, all other things unchanged, will cause the equilibrium price to rise; quantity supplied will increase. A decrease in demand will cause the equilibrium price to fall; quantity supplied will decrease.
• An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase. A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease.
• To determine what happens to equilibrium price and equilibrium quantity when both the supply and demand curves shift, you must know in which direction each of the curves shifts and the extent to which each curve shifts.
• The circular flow model provides an overview of demand and supply in product and factor markets and suggests how these markets are linked to one another.

What happens to the equilibrium price and the equilibrium quantity of DVD rentals if the price of movie theater tickets increases and wages paid to DVD rental store clerks increase, all other things unchanged? Be sure to show all possible scenarios, as was done in Figure 3.11 “Simultaneous Decreases in Demand and Supply” . Again, you do not need actual numbers to arrive at an answer. Just focus on the general position of the curve(s) before and after events occurred.

Case in Point: Demand, Supply, and Obesity

Tony Alter – No Wasted Chair Space – CC BY 2.0.

Why are so many Americans fat? Put so crudely, the question may seem rude, but, indeed, the number of obese Americans has increased by more than 50% over the last generation, and obesity may now be the nation’s number one health problem. According to Sturm Roland in a recent RAND Corporation study, “Obesity appears to have a stronger association with the occurrence of chronic medical conditions, reduced physical health-related quality of life and increased health care and medication expenditures than smoking or problem drinking.”

Many explanations of rising obesity suggest higher demand for food. What more apt picture of our sedentary life style is there than spending the afternoon watching a ballgame on TV, while eating chips and salsa, followed by a dinner of a lavishly topped, take-out pizza? Higher income has also undoubtedly contributed to a rightward shift in the demand curve for food. Plus, any additional food intake translates into more weight increase because we spend so few calories preparing it, either directly or in the process of earning the income to buy it. A study by economists Darius Lakdawalla and Tomas Philipson suggests that about 60% of the recent growth in weight may be explained in this way—that is, demand has shifted to the right, leading to an increase in the equilibrium quantity of food consumed and, given our less strenuous life styles, even more weight gain than can be explained simply by the increased amount we are eating.

What accounts for the remaining 40% of the weight gain? Lakdawalla and Philipson further reason that a rightward shift in demand would by itself lead to an increase in the quantity of food as well as an increase in the price of food. The problem they have with this explanation is that over the post-World War II period, the relative price of food has declined by an average of 0.2 percentage points per year. They explain the fall in the price of food by arguing that agricultural innovation has led to a substantial rightward shift in the supply curve of food. As shown, lower food prices and a higher equilibrium quantity of food have resulted from simultaneous rightward shifts in demand and supply and that the rightward shift in the supply of food from S 1 to S 2 has been substantially larger than the rightward shift in the demand curve from D 1 to D 2 .

Sources: Roland, Sturm, “The Effects of Obesity, Smoking, and Problem Drinking on Chronic Medical Problems and Health Care Costs,” Health Affairs , 2002; 21(2): 245–253. Lakdawalla, Darius and Tomas Philipson, “The Growth of Obesity and Technological Change: A Theoretical and Empirical Examination,” National Bureau of Economic Research Working Paper no. w8946, May 2002.

Answer to Try It! Problem

An increase in the price of movie theater tickets (a substitute for DVD rentals) will cause the demand curve for DVD rentals to shift to the right. An increase in the wages paid to DVD rental store clerks (an increase in the cost of a factor of production) shifts the supply curve to the left. Each event taken separately causes equilibrium price to rise. Whether equilibrium quantity will be higher or lower depends on which curve shifted more.

If the demand curve shifted more, then the equilibrium quantity of DVD rentals will rise [Panel (a)].

If the supply curve shifted more, then the equilibrium quantity of DVD rentals will fall [Panel (b)].

If the curves shifted by the same amount, then the equilibrium quantity of DVD rentals would not change [Panel (c)].

Principles of Macroeconomics Copyright © 2016 by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

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Market equilibrium

• Definition of market equilibrium – A situation where for a particular good supply = demand. When the market is in equilibrium, there is no tendency for prices to change. We say the market-clearing price has been achieved.
• A market occurs where buyers and sellers meet to exchange money for goods.
• The price mechanism refers to how supply and demand interact to set the market price and amount of goods sold.
• At most prices, planned demand does not equal planned supply. This is a state of disequilibrium because there is either a shortage or surplus and firms have an incentive to change the price.

Market equilibrium can be shown using supply and demand diagrams

In the diagram below, the equilibrium price is P1. The equilibrium quantity is Q1.

If price is below the equilibrium

• In the above diagram, price (P2) is below the equilibrium. At this price, demand would be greater than the supply. Therefore there is a shortage of (Q2 – Q1)
• If there is a shortage, firms will put up prices and supply more. As price rises, there will be a movement along the demand curve and less will be demanded.
• Therefore the price will rise to P1 until there is no shortage and supply = demand.

If price is above the equilibrium

• If price was at P2, this is above the equilibrium of P1. At the price of P2, then supply (Q2) would be greater than demand (Q1) and therefore there is too much supply. There is a surplus. (Q2-Q1)
• Therefore firms would reduce price and supply less. This would encourage more demand and therefore the surplus will be eliminated. The new market equilibrium will be at Q3 and P1.

Movements to a new equilibrium

• Increase in demand

If there was an increase in income the demand curve would shift to the right (D1 to D2). Initially, there would be a shortage of the good. Therefore the price and quantity supplied will increase leading to a new equilibrium at Q2, P2.

2. Increase in supply

An increase in supply would lead to a lower price and more quantity sold.

Related posts

• Finding market equilibrium with equations
• Price mechanism in the long-term
• Economic rent and transfer earnings
• The economics of the price of coffee

First published 28 Nov 2010. Last updated 28 Nov 2019

Demand, Supply, and Equilibrium in Markets for Goods and Services

Learning objectives.

By the end of this section, you will be able to:

• Explain demand, quantity demanded, and the law of demand
• Identify a demand curve and a supply curve
• Explain supply, quantity supply, and the law of supply
• Explain equilibrium, equilibrium price, and equilibrium quantity

First let’s first focus on what economists mean by demand, what they mean by supply, and then how demand and supply interact in a market.

Demand for Goods and Services

Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing. Demand is also based on ability to pay. If you cannot pay for it, you have no effective demand.

What a buyer pays for a unit of the specific good or service is called price . The total number of units purchased at that price is called the quantity demanded . A rise in price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a fall in price will increase the quantity demanded. When the price of a gallon of gasoline goes up, for example, people look for ways to reduce their consumption by combining several errands, commuting by carpool or mass transit, or taking weekend or vacation trips closer to home. Economists call this inverse relationship between price and quantity demanded the law of demand . The law of demand assumes that all other variables that affect demand (to be explained in the next module) are held constant.

An example from the market for gasoline can be shown in the form of a table or a graph. A table that shows the quantity demanded at each price, such as Table 1 , is called a demand schedule . Price in this case is measured in dollars per gallon of gasoline. The quantity demanded is measured in millions of gallons over some time period (for example, per day or per year) and over some geographic area (like a state or a country). A demand curve shows the relationship between price and quantity demanded on a graph like Figure 1 , with quantity on the horizontal axis and the price per gallon on the vertical axis. (Note that this is an exception to the normal rule in mathematics that the independent variable (x) goes on the horizontal axis and the dependent variable (y) goes on the vertical. Economics is not math.)

The demand schedule shown by Table 1 and the demand curve shown by the graph in Figure 1 are two ways of describing the same relationship between price and quantity demanded.

Figure 1. A Demand Curve for Gasoline. The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve (D). The downward slope of the demand curve again illustrates the law of demand—the inverse relationship between prices and quantity demanded.

Demand curves will appear somewhat different for each product. They may appear relatively steep or flat, or they may be straight or curved. Nearly all demand curves share the fundamental similarity that they slope down from left to right. So demand curves embody the law of demand: As the price increases, the quantity demanded decreases, and conversely, as the price decreases, the quantity demanded increases.

Confused about these different types of demand? Read the next Clear It Up feature.

Is demand the same as quantity demanded?

In economic terminology, demand is not the same as quantity demanded. When economists talk about demand, they mean the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule. When economists talk about quantity demanded, they mean only a certain point on the demand curve, or one quantity on the demand schedule. In short, demand refers to the curve and quantity demanded refers to the (specific) point on the curve.

Supply of Goods and Services

When economists talk about supply , they mean the amount of some good or service a producer is willing to supply at each price. Price is what the producer receives for selling one unit of a good or service . A rise in price almost always leads to an increase in the quantity supplied of that good or service, while a fall in price will decrease the quantity supplied. When the price of gasoline rises, for example, it encourages profit-seeking firms to take several actions: expand exploration for oil reserves; drill for more oil; invest in more pipelines and oil tankers to bring the oil to plants where it can be refined into gasoline; build new oil refineries; purchase additional pipelines and trucks to ship the gasoline to gas stations; and open more gas stations or keep existing gas stations open longer hours. Economists call this positive relationship between price and quantity supplied—that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied—the law of supply . The law of supply assumes that all other variables that affect supply (to be explained in the next module) are held constant.

Still unsure about the different types of supply? See the following Clear It Up feature.

Is supply the same as quantity supplied?

In economic terminology, supply is not the same as quantity supplied. When economists refer to supply, they mean the relationship between a range of prices and the quantities supplied at those prices, a relationship that can be illustrated with a supply curve or a supply schedule. When economists refer to quantity supplied, they mean only a certain point on the supply curve, or one quantity on the supply schedule. In short, supply refers to the curve and quantity supplied refers to the (specific) point on the curve.

Figure 2 illustrates the law of supply, again using the market for gasoline as an example. Like demand, supply can be illustrated using a table or a graph. A supply schedule is a table, like Table 2 , that shows the quantity supplied at a range of different prices. Again, price is measured in dollars per gallon of gasoline and quantity supplied is measured in millions of gallons. A supply curve is a graphic illustration of the relationship between price, shown on the vertical axis, and quantity, shown on the horizontal axis. The supply schedule and the supply curve are just two different ways of showing the same information. Notice that the horizontal and vertical axes on the graph for the supply curve are the same as for the demand curve.

Figure 2. A Supply Curve for Gasoline. The supply schedule is the table that shows quantity supplied of gasoline at each price. As price rises, quantity supplied also increases, and vice versa. The supply curve (S) is created by graphing the points from the supply schedule and then connecting them. The upward slope of the supply curve illustrates the law of supply—that a higher price leads to a higher quantity supplied, and vice versa.

The shape of supply curves will vary somewhat according to the product: steeper, flatter, straighter, or curved. Nearly all supply curves, however, share a basic similarity: they slope up from left to right and illustrate the law of supply: as the price rises, say, from $1.00 per gallon to $2.20 per gallon, the quantity supplied increases from 500 gallons to 720 gallons. Conversely, as the price falls, the quantity supplied decreases.

Equilibrium—Where Demand and Supply Intersect

Because the graphs for demand and supply curves both have price on the vertical axis and quantity on the horizontal axis, the demand curve and supply curve for a particular good or service can appear on the same graph. Together, demand and supply determine the price and the quantity that will be bought and sold in a market.

Figure 3 illustrates the interaction of demand and supply in the market for gasoline. The demand curve (D) is identical to Figure 1 . The supply curve (S) is identical to Figure 2 . Table 3 contains the same information in tabular form.

Figure 3. Demand and Supply for Gasoline. The demand curve (D) and the supply curve (S) intersect at the equilibrium point E, with a price of $1.40 and a quantity of 600. The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium like $1.80, quantity supplied exceeds the quantity demanded, so there is excess supply. At a price below equilibrium such as $1.20, quantity demanded exceeds quantity supplied, so there is excess demand.

Remember this: When two lines on a diagram cross, this intersection usually means something. The point where the supply curve (S) and the demand curve (D) cross, designated by point E in Figure 3 , is called the equilibrium . The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where the amount of the product consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). This common quantity is called the equilibrium quantity . At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price.

In Figure 3 , the equilibrium price is $1.40 per gallon of gasoline and the equilibrium quantity is 600 million gallons. If you had only the demand and supply schedules, and not the graph, you could find the equilibrium by looking for the price level on the tables where the quantity demanded and the quantity supplied are equal.

The word “equilibrium” means “balance.” If a market is at its equilibrium price and quantity, then it has no reason to move away from that point. However, if a market is not at equilibrium, then economic pressures arise to move the market toward the equilibrium price and the equilibrium quantity.

Imagine, for example, that the price of a gallon of gasoline was above the equilibrium price—that is, instead of $1.40 per gallon, the price is $1.80 per gallon. This above-equilibrium price is illustrated by the dashed horizontal line at the price of $1.80 in Figure 3 . At this higher price, the quantity demanded drops from 600 to 500. This decline in quantity reflects how consumers react to the higher price by finding ways to use less gasoline.

Moreover, at this higher price of $1.80, the quantity of gasoline supplied rises from the 600 to 680, as the higher price makes it more profitable for gasoline producers to expand their output. Now, consider how quantity demanded and quantity supplied are related at this above-equilibrium price. Quantity demanded has fallen to 500 gallons, while quantity supplied has risen to 680 gallons. In fact, at any above-equilibrium price, the quantity supplied exceeds the quantity demanded. We call this an excess supply or a surplus .

With a surplus, gasoline accumulates at gas stations, in tanker trucks, in pipelines, and at oil refineries. This accumulation puts pressure on gasoline sellers. If a surplus remains unsold, those firms involved in making and selling gasoline are not receiving enough cash to pay their workers and to cover their expenses. In this situation, some producers and sellers will want to cut prices, because it is better to sell at a lower price than not to sell at all. Once some sellers start cutting prices, others will follow to avoid losing sales. These price reductions in turn will stimulate a higher quantity demanded. So, if the price is above the equilibrium level, incentives built into the structure of demand and supply will create pressures for the price to fall toward the equilibrium.

Now suppose that the price is below its equilibrium level at $1.20 per gallon, as the dashed horizontal line at this price in Figure 3 shows. At this lower price, the quantity demanded increases from 600 to 700 as drivers take longer trips, spend more minutes warming up the car in the driveway in wintertime, stop sharing rides to work, and buy larger cars that get fewer miles to the gallon. However, the below-equilibrium price reduces gasoline producers’ incentives to produce and sell gasoline, and the quantity supplied falls from 600 to 550.

When the price is below equilibrium, there is excess demand , or a shortage —that is, at the given price the quantity demanded, which has been stimulated by the lower price, now exceeds the quantity supplied, which had been depressed by the lower price. In this situation, eager gasoline buyers mob the gas stations, only to find many stations running short of fuel. Oil companies and gas stations recognize that they have an opportunity to make higher profits by selling what gasoline they have at a higher price. As a result, the price rises toward the equilibrium level. The end of this chapter provides further discussion on the importance of the demand and supply model.

A demand schedule is a table that shows the quantity demanded at different prices in the market. A demand curve shows the relationship between quantity demanded and price in a given market on a graph. The law of demand states that a higher price typically leads to a lower quantity demanded.

A supply schedule is a table that shows the quantity supplied at different prices in the market. A supply curve shows the relationship between quantity supplied and price on a graph. The law of supply says that a higher price typically leads to a higher quantity supplied.

The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. Excess demand or a shortage will exist. If the price is above the equilibrium level, then the quantity supplied will exceed the quantity demanded. Excess supply or a surplus will exist. In either case, economic pressures will push the price toward the equilibrium level.

Costanza, Robert, and Lisa Wainger. “No Accounting For Nature: How Conventional Economics Distorts the Value of Things.” The Washington Post . September 2, 1990.

European Commission: Agriculture and Rural Development. 2013. “Overview of the CAP Reform: 2014-2024.” Accessed April 13, 205. http://ec.europa.eu/agriculture/cap-post-2013/.

Radford, R. A. “The Economic Organisation of a P.O.W. Camp.” Economica . no. 48 (1945): 189-201. http://www.jstor.org/stable/2550133.

the relationship between price and the quantity demanded of a certain good or service

what a buyer pays and what a seller receives for a unit of the specific good or service

the total number of units of a good or service consumers are willing to purchase at a given price

the common relationship that a higher price leads to a lower quantity demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all other variables are held constant

a table that shows a range of prices for a certain good or service and the quantity demanded at each price

a graphic representation of the relationship between price and quantity demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical axis

the relationship between price and the quantity supplied of a certain good or service

the total number of units of a good or service producers are willing to sell at a given price

the common relationship that a higher price leads to a greater quantity supplied and a lower price leads to a lower quantity supplied, while all other variables are held constant

a table that shows a range of prices for a good or service and the quantity supplied at each price

a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis

the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change

the price where quantity demanded is equal to quantity supplied

the quantity at which quantity demanded and quantity supplied are equal for a certain price level

at the existing price, quantity supplied exceeds the quantity demanded; also called a surplus

at the existing price, the quantity demanded exceeds the quantity supplied; also called a shortage

Demand, Supply, and Equilibrium in Markets for Goods and Services Copyright © 2020 by Rice University; Dean, Elardo, Green, Wilson, Berger. All Rights Reserved.

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What is Market Equilibrium? Definition, Graph, Price, Demand & Supply

• Post last modified: 6 April 2023
• Reading time: 27 mins read
• Post category: Economics

• What is Market Equilibrium?

Market Equilibrium is a situation where the price at which quantities demanded and supplied are equal (Supply = Demand). When the market is in equilibrium, there is no tendency for prices to change.

Table of Content

• 1 What is Market Equilibrium?
• 2 Determination of Market Price
• 3.1 Shift in Demand Curve
• 3.2 Shift in Supply Curve
• 4 Complex Cases of Shift in Equilibrium
• 5 Business Economics Tutorial

Market system is driven by two forces, which are demand and supply. This is because these two forces play a crucial role in determining the price at which a product is sold in the market. Price is determined by the interaction of demand and supply in a market.

According to the economic theory, the price of a product in a market is determined at a point where the forces of supply and demand meet. The point where the forces of demand and supply meet is called equilibrium point .

Conceptually, equilibrium means state of rest. It is a stage where the balance between two opposite functions, demand and supply, is achieved.

Mathematically, market equilibrium is expressed as:

Q d (P) = Q s (P)

Where, Q d (P) is the quantity demanded at price P Q s (P) is the quantity supplied at price P

Let us understand the concept of market equilibrium with the help of an example. Table 1 shows the demand and supply of fans in Delhi at different price levels.

In Table 1, it can be observed that at the price of ₹700, the demand and supply of fans is equal i.e. 70,000 fans. Therefore, market equilibrium exists at 70,000 where demand and supply are the same. Figure 1 shows the market equilibrium of demand and supply of fans mentioned in Table 1:

In Figure 1, E is the point where demand and supply both intersect. Thus, market equilibrium exists at point E where demand and supply are equal.

Also Read: Supply Curve Shifts

Determination of Market Price

As mentioned earlier, the market equilibrium price of a product is determined at the point of intersection of demand and supply. However, it is important to understand how the price is determined. Let us understand the determination market price with the help of an example.

Let us consider the example of fans (as given in Table 1). In Table 1, it is mentioned that when price is ₹600, the demand for fans is 80,000 units while supply is 55,000 units. This indicates that there is a shortage of 25,000 fans in the market. As a result of this shortage, the seller tries to increase their earnings by raising the price of fans.

On the other hand, consumers would be willing to purchase at the price quoted by the seller due to the shortage of fans. This leads to an increase in the profit of the seller, which, in turn, would improve the production of fans. As a result, the supply of fans increases. The process of increase in prices goes on till the price of fans reaches to ₹700.

As shown in Table 1, at the price of 700, the demand is reduced to 70, 000 fans, while the supply is also increased to 70,000 fans. Thus, equilibrium is reached. This will lure consumers to buy more due to reduction in the price of fans. As a result of an increase in buying, the equilibrium price would be ₹300.

Also Read: Determinants of Demand

Shifts in Market Equilibrium

A shift in supply or demand curve also shifts the equilibrium point. Let us understand the mechanism of shift in market equilibrium in the case of shift of supply and demand curves respectively.

Shift in Demand Curve

Shift in supply curve.

Figure 2 shows a shift in the demand curve :

In Figure 2, the initial equilibrium price is observed at PQ and quantity at OQ. When the demand curve is shifted from initial demand curve DD to D1D1, there is a shift in the equilibrium from PQ to MN.

Thus, the new equilibrium price is at MN and the quantity is at ON. However, supply remains the same in this case. Thus, it can be said that when the demand curve shifts , an increase in quantity leads to an increase in the equilibrium price.

Figure 3 shows a shift in the supply curve:

In Figure 3, the initial equilibrium price is placed at PQ and quantity at OQ. As the supply curve shifts from SS to S1S1, the equilibrium point also shifts from PQ to MN. After the shift, the new equilibrium price is at MN and the quantity is at ON. However, demand remains the same in this case.

Thus, it can be said that when supply curve shifts, an increase in quantity results in an increase in the equilibrium price too.

Also Read: Price Elasticity of Demand

Complex Cases of Shift in Equilibrium

Now, let us understand what impact simultaneous shifts in the demand and supply curve have on the equilibrium point. The extent of shift in the demand and supply curves determines the impact on the equilibrium point.

If the shift in supply curve is greater than the demand curve, equilibrium price falls and output rises. Figure 4 shows the impact on equilibrium point when shift in supply curve is more than the shift in demand.

In Figure 4, the initial equilibrium position, E1 is the point where demand curve D1D1 and supply curve S1S1 intersect. At this point, equilibrium price and quantity is P1 and OQ1 respectively. As the demand curve shifts from D1D1 to D2D2 and supply curve shifts from S1S1 to S3S3, there is a shift in equilibrium from E1 to E3.

Here, the shift in supply is greater than the demand shift; therefore, equilibrium price falls down to P0 and output rises to OQ3.

However, if the shift in demand and supply curve is equal that is D2D2 and S2S2 respectively, there is no change in equilibrium price while output increases to Q2.

In case, shift in demand curve is greater than the shift in supply curve, both equilibrium price and quantity, increase, as shown in Figure 5:

In Figure 5, E1 is the initially equilibrium which is obtained by balancing the demand curve, D1D1 and supply curve, S1S1. At E1, equilibrium price is P1 and quantity is OQ1.

Now, when the demand curve shifts from D1D1 to D2D2 and supply curve shifts from S1S1 to S2S2, equilibrium also shifts from E1 to E2. As can be seen the Figure 5, demand shift is greater than the shift in supply; therefore, equilibrium price is increased to P2 and output is increased to OQ2.

Also Read: Elasticity of Demand

Business Economics Tutorial

( Click on Topic to Read )

• What is Economics?

Scope of Economics

• Nature of Economics
• What is Business Economics?
• Micro vs Macro Economics
• Laws of Economics
• Economic Statics and Dynamics
• Gross National Product (GNP)
• What is Business Cycle?
• W hat is Inflation?
• What is Demand?
• Types of Demand
• Determinants of Demand 
• Law of Demand
• What is Demand Schedule?
• What is Demand Curve?
• What is Demand Function?
• Demand Curve Shifts
• What is Supply?

Determinants of Supply

• Law of Supply
• What is Supply Schedule?
• What is Supply Curve?
• Supply Curve Shifts

Consumer Demand Analysis

• Consumer Demand
• Utility in Economics
• Law of Diminishing Marginal Utility
• Cardinal and Ordinal Utility
• Indifference Curve
• Marginal Rate of Substitution
• Budget Line
• Consumer Equilibrium
• Revealed Preference Theory

Elasticity of Demand & Supply

• Elasticity of Demand
• Price Elasticity of Demand

Types of Price Elasticity of Demand

• Factors Affecting Price Elasticity of Demand
• Importance of Price Elasticity of Demand
• Income Elasticity of Demand
• Cross Elasticity of Demand
• Advertisement Elasticity of Demand
• Elasticity of Supply

Cost & Production Analysis

• Production in Economics
• Production Possibility Curve
• Production Function
• Types of Production Functions
• Production in the Short Run
• Law of Diminishing Returns
• Isoquant Curve
• Producer Equilibrium
• Returns to Scale

Cost and Revenue Analysis

• Types of Cost
• Short Run Cost
• Long Run Cost
• Economies and Diseconomies of Scale
• What is Revenue?

Market Structure

• Types of Market Structures
• Profit Maximization
• What is Market Power?
• Demand Forecasting
• Methods of Demand Forecasting
• Criteria for Good Demand Forecasting

Market Failure

• What Market Failure?

Price Ceiling and Price Floor

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Did we miss something in Business Economics Tutorial? Come on! Tell us what you think about our article on Market Equilibrium | Business Economics in the comments section.

• What is Inflation?
• Determinants of Demand

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Isoquant curve: definition, properties, types, assumptions, consumer equilibrium: effects on income, substitution, price, what is long run cost type: total, average, marginal.

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Ivan Pavlovic

Aves 26 '177 Dermanyssus gallinae en la producción avícola El impacto sanitario y económico que tiene el ácaro rojo en la producción avícola mundial crece constantemente, lo que le convierte en el ectoparásito más importante en la avicultura comercial. Ivan Pavlovic Instituto Científico de Medicina Veterinaria de Serbia Imágenes cedidas por el autor Entre los numerosos ectoparásitos avia-res, Dermanyssus gallinae ocupa el lugar más importante en la producción avícola. Es un parásito ubicuitario que se ha sido confirmado en 30 especies aviares sal-vajes, domésticas y sinantrópicas, y en 20 especies de mamíferos, incluido el hombre. En humanos, la infestación pro-voca dermatitis y se ha reportado después de estar en contacto con aves. Las mani-festaciones clínicas son picor, pápulas, vesículas y dermatitis. Generalmente es una enfermedad profesional. 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Thermodynamic calculations and analysis of the deoxidation of special alloys by strong deoxidizers and carbon in vacuum

• Theory of Metallurgical Processes
• Published: 13 October 2015
• Volume 2015 , pages 469–473, ( 2015 )

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• A. A. Sisev 1 ,
• S. N. Paderin 1 &
• K. V. Troyanov 1  

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The thermodynamic calculations of the equilibrium activities of oxygen with deoxidizers Al, Ca, Mg, Ti, La, and Ce are performed from the compositions of metal samples taken during melting of special alloys in a vacuum induction furnace. The emf was measured simultaneously with sampling during the immersion of an oxygen sensor into a liquid metal. The results of calculations of the equilibrium oxygen activities with each deoxidizer are compared to the oxygen activities calculated by the measured values of emf and the temperature metal.

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Oxygen distribution for the oxidation of metallic bath components in the oxidation period during the heat of 08Kh18N10T steel in a 20-t arc furnace

Theory, possibilities, and results of electrochemical measurements in deeply deoxidized melts during making of special alloys in a vacuum induction furnace, electron and mass transfer during solid carbon reduction of metals in solid complex oxides.

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OAO Metallurgicheskii Zavod Elektrostal, Elektrostal, Moscow oblast, Russia

A. A. Sisev, S. N. Paderin & K. V. Troyanov

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Original Russian Text © A.A. Sisev, S.N. Paderin, K.V. Troyanov, 2015, published in Elektrometallurgiya, 2015, No. 5, pp. 26–30.

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Sisev, A.A., Paderin, S.N. & Troyanov, K.V. Thermodynamic calculations and analysis of the deoxidation of special alloys by strong deoxidizers and carbon in vacuum. Russ. Metall. 2015 , 469–473 (2015). https://doi.org/10.1134/S0036029515060166

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Received : 06 November 2014

Published : 13 October 2015

Issue Date : June 2015

DOI : https://doi.org/10.1134/S0036029515060166

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AP®︎/College Macroeconomics

Course: ap®︎/college macroeconomics   >   unit 1.

• Market equilibrium
• Changes in market equilibrium
• Changes in equilibrium price and quantity when supply and demand change
• Lesson summary: Market equilibrium, disequilibrium, and changes in equilibrium
• Market equilibrium and disequilibrium

Changes in equilibrium

• (Choice A)   We cannot determine what happens to price, but quantity will increase A We cannot determine what happens to price, but quantity will increase
• (Choice B)   Price will decrease and quantity will increase B Price will decrease and quantity will increase
• (Choice C)   Price will decrease and quantity will decrease C Price will decrease and quantity will decrease
• (Choice D)   Price will increase, but we cannot determine what happens to quantity D Price will increase, but we cannot determine what happens to quantity
• (Choice E)   Price will increase and quantity will decrease E Price will increase and quantity will decrease