Join Professor Matt Hill as he walks you through the classroom slides of Day 7: " Efficiency of Markets" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: https://mru.io/7ef

Learning Objectives
- Define total surplus for an individual transaction and for the market as a whole.
- Calculate total surplus for a given transaction.
- Recognize why total surplus must be positive for a voluntary exchange.
- Explain the concept of market equilibrium and its role in maximizing total surplus.
- Illustrate total surplus on a graph.
- Evaluate alternative equilibrium and the surplus associated with them graphically.