ABSTRACT
The ways in which markets adjust over time vary tremendously. In commodity exchanges, prices are changed by the minute and adjustments to new equilibrium prices are almost instantaneous. In other markets the adjustment process may be a slow trial and error process over several years, in some cases so slow that price and quantity hardly ever reach their proper equilibrium values because supply and demand schedules shift before equilibrium has been reached. There is therefore no one economic model that can explain the dynamic adjustment process in all markets.
