– Develop a discussion of the general mechanics of how a market (use the market for the Red Delicious Apple https://en.wikipedia.org/wiki/Red_Delicious . works using supply and demand. Be sure to develop and discuss the concept of an equilibrium and how price adjustment achieves (do not use actual prices and quantities) an equilibrium in the situations where shortages or surpluses exist. Discuss and illustrate the difference between a change in demand/supply and a change in quantity demanded/supplied, Given a shift in either demand or supply discuss the process that moves the market from the old equilibrium to the new one. Remember the key to market adjustments is the movement of price as supply and demand change and then the adjustment of quantities demanded and supplied to price changes.
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