Equilibrium price : price at which supply and demand are equal in a market
(market clearing price).
Total revenue : the amount of money generated from the sale of goods.
TR = price ∗ quantity
Shifts in demand:
5. Market equilibrium 1
This document is a summary of market equilibrium for IGCSE Edexcel Economics. It covers key concepts such as equilibrium price, total revenue, shifts in demand and supply, excess supply and demand, and how markets restore equilibrium. Perfect for students and teachers looking for a clear, structured, and concise explanation of this essential economic topic.
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