Review of the previous Lecture Economists use the model of supply and demand to analyze competitive markets. In a competitive market, there are many buyers and sellers, each…

Chapter 2 The Basics of Supply and Demand Chapter 2 Introduction What are supply and demand? What is the market mechanism? What are the effects of changes in market equilibrium?…

Economics Changes in Quantity Supplied Changes Along a Supply Curve Change in quantity supplied does not shift the supply curve movement to right means increase in price…

Basics of Supply and Demand Market Mechanism Introduction What are supply and demand? How does a market mechanism work? What are the effects of changes in market equilibrium?…

SUPPLY Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states that, other things equal, the quantity…

Lecture 3 Supply and Demand Theory of Supply A thought experiment with the following assumptions: All apartments are identical Each apartment has a different owner There…

FINAL EXAM Test Review HAVE FUN! Units Covered 1) Intro to Econ 2) Supply & Demand 3) Business & Market Structures 4) Government: Fiscal/Monetary Policy 5) Labor…

Chapter 2 The Basics of Supply and Demand Chapter 2 The Supply Curve The supply curve slopes upward demonstrating that at higher prices firms will increase output The Supply…

CASE STUDY Two ways to reduce the quantity of smoking demanded: -- Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette…

Chapter 2 The Basics of Supply and Demand Chapter 2 Introduction What are supply and demand? What is the market mechanism? What are the effects of changes in market equilibrium?…