Problem: Please assist me by explaining the concepts of the Market Equilibrating Process and how it relates to prior real world experience.
1) Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
2) Explain following components in your explanation:
- Law of demand and the determinants of demand
- Law of supply and the determinants of supply
- Efficient markets theory
- Surplus and shortage
3) Include graph illustration of the equilibrating process in price relation to the shift in supply and demand.