Macroeconomics
the supply and demand curves for a given market, largely following the neo-classical rendering.
a) Briefly restate how a market equilibrium is generated (how the demand and supply curve are derived and why a market may tend to hover at the intersection of the two curves).
b) Do you feel that theory works for commodities markets in general (i.e. that it is a good enough representation to allow useful analysis)? What about labour markets? Is there any difference between labour and commodities that would make the theory a better representation in one case than the other?
