What you’ll learn4 learning objectivesChoose one objective for a focused lesson, or study the complete topic.2.4.1Market equilibrium• Definition of market equilibrium and disequilibriumSyllabus objective2.4.2Demand/supply shifts and equilibrium• Effects of shifts in demand and supply curves on equilibrium price and quantitySyllabus objective2.4.3Relationships between markets• Relationships between different markets:- joint demand (complements)- alternative demand (substitutes)- derived demand- joint supplySyllabus objective2.4.4Price functions in allocation• Functions of price in resource allocation; rationing, signalling (transmission of preferences) and incentivisingSyllabus objective