Demand, supply, and market equilibrium Macroeconomics Basic Economic Concepts Demand, supply, and market equilibrium Questions How can supply be relatively elastic? How does demand relate to price? What are some examples of law of supply? How is market equilibrium achieved? Basic Economic Concepts View all chapters Macroeconomics vs. Microeconomics Scarcity, choice, and opportunity costs Comparative advantage, absolute advantage, specialization, and trade Demand, supply, and market equilibrium Macroeconomic issues: business cycle, unemployment, inflation, growth Prev Next