MKT-2.G—Explain (using graphs as appropriate) how changes in demand and supply affect equilibrium price and equilibrium quantity

Explain (using graphs as appropriate) how changes in demand and supply affect equilibrium price and equilibrium quantity.

• Changes in the determinants of supply and/or demand result in a new equilibrium price and quantity.
• Enduring understanding MKT-2: In a competitive market, demand for and supply of a good or service determine the equilibrium price.