3 concepts
Clearing the Market at Equilibrium Price and Quantity
When a market achieves perfect equilibrium there is no excess supply or demand, which theoretically results in a market clearing.
Impacts of Surpluses and Shortages on Market Equilibrium
The existence of surpluses or shortages in supply will result in disequilibrium, or a lack of balance between supply and demand levels.
Changes in Demand and Supply and Impacts on Equilibrium
Alterations to overall supply or demand dictate the cross-section or equilibrium, ascertaining price and volume for a product or service.