Understanding how market equilibrium is maintained is essential for business managers. As a manager, it is important to understand how economic principles, and specifically supply and demand, are a part of your everyday business decisions.
For this assignment, relate the concepts of the market equilibrating process in the Weeks One and Two readings and learning activities to a prior real-world experience occurring in a free market. The experience does not necessarily have to be work related.
Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
Consider the following components in your explanation:
• Law of demand and the determinants of demand
• Law of supply and the determinants of supply
• Efficient markets theory
• Surplus and shortage
UseUniversityofPhoenix Material: Appendix A to create graphs illustrating the equilibrating process in price relation to the shift in supply and demand.
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