#EconShorts: Supply and Demand- Macro 1.6

A quick overview of supply and demand. Key Takeaways:
1. When price is above equilibrium there is a surplus
2. When price is below equilibrium there is a shortage
3. In a free market price will automatically adjust to equilibrium
4. A single shift in supply or demand causes the equilibrium price and quantity to change
5. When in doubt....draw it out!

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