LO:
a) Equilibrium price and quantity and how they are determined
b) The use of supply and demand diagrams to depict excess supply and excess demand
c) The operation of market forces to eliminate excess demand and excess supply
d) The use of supply and demand diagrams to show how shifts in demand and supply curves cause the equilibrium price and quantity to change in real-world situations
a) Equilibrium price and quantity and how they are determined
b) The use of supply and demand diagrams to depict excess supply and excess demand
c) The operation of market forces to eliminate excess demand and excess supply
d) The use of supply and demand diagrams to show how shifts in demand and supply curves cause the equilibrium price and quantity to change in real-world situations