d) Interaction of demand and supply & Market equilibrium and disequilibrium

• meaning of equilibrium and disequilibrium
• effects of changes in supply and demand on equilibrium price and quantity
• applications of demand and supply analysis
• movements along and shifts of the demand and supply curves
• joint demand (complements) and alternative demand (substitutes)
• joint supply
• the workings of the price mechanism; rationing, signalling and the transmission of preferences