Chapter 3 - Demand, Supply and Market Equilibrium


Markets

Demand
  • Law of Demand
  • The Demand Curve
  • Market Demand
  • Change in Demand
  • Changes in Quantity Demanded

Supply
  • Law of Supply
  • The Supply Curve
  • Market Supply
  • Determinants of Supply
  • Changes in Supply
  • Changes in Quantity Supplied
It IS Demand and Supply! Or is it?
Market Equilibrium
  • Equilibrium Price and Quantity
  • Rotioning Function of Prices
  • Efficient Allocation
  • Changes in Supply, Demand, and Equilibrium

Application: Government-Set Prices
  • Price Ceilings on Gasoline
  • Rent Controls
  • Price Floors on Wheat



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