ZB0404-06-05.docx - Introduction Market equilibrium can be...

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Introduction Market equilibrium can be described as a market point where consumer demand is equal to the supply provisioned by the suppliers. According to Dawson and Blomely (1996) equilibrium point is the optimum position of a market price that generates an equal amount of supply and demand for a service or product (Boyce and DiPrima, 2012). As a result of this factor, equilibrium will be shifted with the shift in the aspects that can cause a change in supply and demand in the market. This essay discusses the impact of technology at the point of market equilibrium using a micro-economic approach. Further, new technology impacts will be evaluated by considering macro-economic factors. Impact of Technology on Market Equilibrium The economic laws of supply and demand shape the markets for products as well as their equilibrium prices. Nevertheless, economic compulsions can trigger shifts in the supply and demand curves for a product and changes along the curves ( Reference ). Technology changes are one of the elements that impact the positions and shifts of supply and demand curves. Further, the equilibrium of price in
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