Market equilibrium & disequilibrium

In the last two lessons you drew the demand curve and the supply curve on their own. Now we put them on the same diagram and find the single price where buyers and sellers agree — the market equilibrium. We define equilibrium and disequilibrium precisely, watch a surplus and a shortage push price back to rest, work all four shifts of demand and supply, and apply the analysis to Namibia's maize and mahangu markets. We finish AS-style, by evaluating how far this powerful model can really be trusted.