Chap07微观经济学原理.pptVIP

Chapter 7: Efficiency and Exchange Market Equilibrium and Efficiency What do you think? Are markets always efficient and equitable? Market Equilibrium and Efficiency A market equilibrium is efficient If price and quantity take any other than their equilibrium values, a transaction that will make at least some people better off without harming others can always be found. A Market in Which Price Is Below the Equilibrium Level How Excess Demand Creates an Opportunity for a Surplus-Enhancing Transaction How Excess Supply Creates an Opportunity for a Surplus-Enhancing Transaction Market Equilibri