How is equilibrium price related to market equilibrium? Refer to your completed cluster diagram.

Why do changes in demand or supply cause disequilibrium?

How are surplus and shortage related to equilibrium price?

Look at Figures 6.4, 6.5, 6.6, and 6.7 again. What happens to surplus and shortage as equilibrium price changes in each graph? What general conclusions can you draw from this information?

Use each of the two terms below in a sentence that illustrates the meaning of the term: a. competitive pricing b. incentive

Many equilibrium calculations involve finding the equilibrium concentrations of reactants and products given their initial concentrations and the equilibrium constant. Outline the general procedure used in solving these kinds of problems.

On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue received by producers.

If there is no change in concentrations once a reaction has reached equilibrium, why is the equilibrium state considered dynamic?

What is meant by "the position of an equilibrium"? Does the addition of a catalyst have any effect on the position of an equilibrium?

Write the equilibrium equation and the equilibrium constant expression for an ammonia–ammonium ion buffer solution.

When an exothermic reaction is at equilibrium, what effect does increasing the temperature have on the equilibrium position? What effect does increasing the temperature have on the equilibrium constant?

Table in the example shows the demand and supply schedules for sandwiches.

Calculate the equilibrium price of a sandwich, the consumer surplus, and the producer surplus. What is the efficient quantity of sandwiches?

When is a stock said to be in equilibrium? Why might a stock at any point in time not be is equilibrium?

Explain the meaning of a Nash equilibrium. How does it differ from an equilibrium in dominant strategies?