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Sellers alone do not set prices and buyers alone do not set prices. It is the interaction of buyers and sellers that sets prices.
-Explain where the market equilibrium occurs.
-How do we show equilibrium graphically?
-Share an example from your own experience when the market was not in equilibrium for a product or service.
-Explain why the market was out of equilibrium (what caused it to be out of equilibrium) and what needed to be done to bring the market back to equilibrium.