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During our studies this week, we learned the importance of market equilibrium. We discussed how to determine equilibrium and what economists look for in establishing this in the market. Thinking back to the lecture and the concepts you learned, along with this weeks peer discussion, answer the following prompts in at least 150 of your own words:
Explain what equilibrium in the market is and why there is a tendency to strive for it. (Remember, if the price of something is higher or lower than the equilibrium price, what forces (i.e., human behavior) push the price and quantity to equilibrium).
Reflect on one of your favorite products that increased in price. How did you react to the price change? Did you remain brand loyal or change to a different product? Talk about a product that you wouldnt change no matter what the price is and why.
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