a) Explain the difference between an equilibrium price and a disequilibrium price?(4)

b) Many more people travel by aeroplane today than ten years ago. With the help of a demand and supply diagram ,explain what might have happened in the market for air travel to cause this increase. (6)

Expectations for this work:

You need to structure according to the criteria set by the Cambridge University. In the first question, you have to explain the difference between the two terms: Equilibrium and disequilibrium. Write the definitions of both of them along with the diagram and example.You must also explain what's happening in the diagram.

In part b, you have first explain both, the cause of increase in demand and the causes of increase in supply of air travel. Use diagram to show the change in the equilibrium position.