April 11, 2013 The Market Equilibrating Process Market equilibrium is a situation in which the supply of an item is exactly equal to its demand. Price remains stable in this situation because there is neither surplus nor shortage in the market ("Market," n.d). A real-world experience of this process along with the following components, the law of demand and determinants of demand, the law of supply, surplus, and shortage, is explored in this paper. A Real-World Experience Every month a yard…
Words 623 - Pages 3