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2.4.2 Equilibrium price and quantity
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Equilibrium: where plans match

Equilibrium: where plans match

Demand shows buyers' plans and supply shows sellers' plans. In this example, equilibrium occurs at a price of £2.00 and a quantity of 600, where quantity demanded equals quantity supplied. At a higher price of £2.50, quantity demanded falls (demand contracts) while quantity supplied rises (supply extends). At a lower price of £1.50, quantity demanded rises (demand extends) while quantity supplied falls (supply contracts).

2.4.2 Equilibrium price and quantity Lesson

  1. GCSE
  2. /Economics
  3. /2.4.2 Equilibrium price and quantity

Step-by-step lessons on OCR GCSE Economics 2.4.2 Equilibrium price and quantity. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.

Lessons