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comparison between market equilibrium in demand and supply? (I need a table + digram)

comparison between market equilibrium in demand and supply? (I need a table + digram)

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Answer #1

Market Equilibrium refers to the situation where Quantity Demanded equal to the Quantity supplied.

If price is above the market equilibrium then Quantity supplied is greater then quantity demanded. Where as

If price is below the the market equilibrium then Quantity demand is greater then Quantity supplied

Price Quantity Demanded Quantity supplied
$1.00 800 500
$1.20 700 550
$1.40 600 600
$1.60 550 640
$1.80 500 680
$2.00 640 700
$2.20 420 720

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