The Basics of Supply and Demand

Август 22, 2022

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Экономика
The Basics of Supply and Demand

Содержание

2. ©2005 Pearson Education, Inc. Chapter 2 Introduction What are supply and demand? What is the market
3. ©2005 Pearson Education, Inc. Chapter 2 Supply and Demand Supply and demand analysis can: Help us
4. ©2005 Pearson Education, Inc. Chapter 2 Supply and Demand The Supply Curve The relationship between the
5. ©2005 Pearson Education, Inc. Chapter 2 The Supply Curve The supply curve slopes upward, demonstrating that
6. ©2005 Pearson Education, Inc. Chapter 2 The Supply Curve Other Variables Affecting Supply Costs of Production
7. ©2005 Pearson Education, Inc. Chapter 2 Change in Supply The cost of raw materials falls Produced
8. ©2005 Pearson Education, Inc. Chapter 2 The Supply Curve Change in Quantity Supplied Movement along the
9. ©2005 Pearson Education, Inc. Chapter 2 Supply and Demand The Demand Curve The relationship between the
10. ©2005 Pearson Education, Inc. Chapter 2 The Demand Curve The demand curve slopes downward, demonstrating that
11. ©2005 Pearson Education, Inc. Chapter 2 The Demand Curve Other Variables Affecting Demand Income Increases in
12. ©2005 Pearson Education, Inc. Chapter 2 Change in Demand Income Increases Purchased Q0, at P2 and
13. ©2005 Pearson Education, Inc. Chapter 2 The Demand Curve Changes in quantity demanded Movements along the
14. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism The market mechanism is the tendency in
15. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism The curves intersect at equilibrium, or market-
16. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism In equilibrium There is no shortage or
17. ©2005 Pearson Education, Inc. Chapter 2 Market Surplus1 The market price is above equilibrium There is
18. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism At P1, price is above the market
19. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism The market price is below equilibrium: There
20. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism At P2, price is below the market
21. ©2005 Pearson Education, Inc. Chapter 2 The Market Mechanism Supply and demand interact to determine the
22. ©2005 Pearson Education, Inc. Chapter 2 Changes in Market Equilibrium Equilibrium prices are determined by the
23. ©2005 Pearson Education, Inc. Chapter 2 Changes in Market Equilibrium Raw material prices fall S shifts
24. ©2005 Pearson Education, Inc. Chapter 2 Changes in Market Equilibrium Income Increases Demand increases to D’
25. ©2005 Pearson Education, Inc. Chapter 2 Changes in Market Equilibrium Income increases and raw material prices
26. ©2005 Pearson Education, Inc. Chapter 2 Shifts in Supply and Demand When supply and demand change
27. ©2005 Pearson Education, Inc. Chapter 2 Elasticities of Supply and Demand Not only are we concerned
28. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand Measures the sensitivity of quantity demanded
29. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand The percentage change in a variable
30. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand Usually a negative number As price
31. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand The primary determinant of price elasticity
32. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand Looking at a linear demand curve,
33. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand Given a linear demand curve Elasticity
34. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand Demand Curve Q = 8 –
35. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Demand The steeper the demand curve, the
36. ©2005 Pearson Education, Inc. Chapter 2 Infinitely Elastic Demand EP = ∞
37. ©2005 Pearson Education, Inc. Chapter 2 Completely Inelastic Demand Q* D EP = 0
38. ©2005 Pearson Education, Inc. Chapter 2 Other Demand Elasticities Income Elasticity of Demand Measures how much
39. ©2005 Pearson Education, Inc. Chapter 2 Other Demand Elasticities Cross-Price Elasticity of Demand Measures the percentage
40. ©2005 Pearson Education, Inc. Chapter 2 Other Demand Elasticities Complements: Cars and Tires Cross-price elasticity of
41. ©2005 Pearson Education, Inc. Chapter 2 Price Elasticity of Supply Measures the sensitivity of quantity supplied
42. ©2005 Pearson Education, Inc. Chapter 2 Point vs. Arc Elasticities Point elasticity of demand Price elasticity
43. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Price elasticity varies with the amount
44. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Demand In general, demand is much
45. ©2005 Pearson Education, Inc. Chapter 2 Gasoline: Short-Run and Long-Run Demand Curves People cannot easily adjust
46. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Demand and Durability For some durable
47. ©2005 Pearson Education, Inc. Chapter 2 Initially, people may put off immediate car purchase In long
48. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Income elasticity also varies with the
49. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Income elasticity of durable goods Income
50. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Most goods and services: Long-run price
51. ©2005 Pearson Education, Inc. Chapter 2 Short-Run Versus Long-Run Elasticity Due to limited capacity, firms are
52. ©2005 Pearson Education, Inc. Chapter 2 Predicting the Effects of Changing Market Conditions Supply and demand
53. ©2005 Pearson Education, Inc. Chapter 2 Predicting the Effects of Changing Market Conditions We know Equilibrium
54. ©2005 Pearson Education, Inc. Chapter 2 Predicting the Effects of Changing Market Conditions Let’s begin with
55. ©2005 Pearson Education, Inc. Chapter 2 Predicting the Effects of Changing Market Conditions The slope of
56. ©2005 Pearson Education, Inc. Chapter 2 Predicting the Effects of Changing Market Conditions We have written
57. ©2005 Pearson Education, Inc. Chapter 2 Effects of Price Controls Markets are rarely free of government
58. ©2005 Pearson Education, Inc. Chapter 2 Effects of Price Controls Price is regulated to be no
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Слайд 2

©2005 Pearson Education, Inc.
Chapter 2
Introduction
What are supply and demand?
What is the

market mechanism?
What are the effects of changes in market equilibrium?
What are elasticities of supply and demand?

Слайд 3

©2005 Pearson Education, Inc.
Chapter 2
Supply and Demand
Supply and demand analysis can:
Help

us understand and predict how real world economic conditions affect market price and production
Analyze the impact of government price controls, minimum wages, price supports, and production incentives on the economy
Determine how taxes, subsidies, tariffs and import quotas affect consumers and producers

Слайд 4

©2005 Pearson Education, Inc.
Chapter 2
Supply and Demand
The Supply Curve
The relationship between

the quantity of a good that producers are willing to sell and the price of the good
Measures quantity on the x-axis and price on the y-axis

Слайд 5

©2005 Pearson Education, Inc.
Chapter 2
The Supply Curve
The supply curve slopes
upward, demonstrating

that
at higher prices firms
will increase output

The Supply Curve, Graphically Depicted

Quantity

Price
($ per unit)

Слайд 6

©2005 Pearson Education, Inc.
Chapter 2
The Supply Curve
Other Variables Affecting Supply
Costs of

Production
Labor
Capital
Raw Materials
Lower costs of production allow a firm to produce more at each price and vice versa

Слайд 7

©2005 Pearson Education, Inc.
Chapter 2
Change in Supply
The cost of raw materials

falls
Produced Q1 at P1 and Q0 at P2
Now produce Q2 at P1 and Q1 at P2
Supply curve shifts right to S’

Слайд 8

©2005 Pearson Education, Inc.
Chapter 2
The Supply Curve
Change in Quantity Supplied
Movement along

the curve caused by a change in price
Change in Supply
Shift of the curve caused by a change in something other than the price of the good
Change in costs of production

Слайд 9

©2005 Pearson Education, Inc.
Chapter 2
Supply and Demand
The Demand Curve
The relationship between

the quantity of a good that consumers are willing to buy and the price of the good
Measures quantity on the x-axis and price on the y-axis

Слайд 10

©2005 Pearson Education, Inc.
Chapter 2
The Demand Curve
The demand curve slopes
downward, demonstrating

that consumers are willing
to buy more at a lower price
as the product becomes
relatively cheaper.

Quantity

Price
($ per unit)

Слайд 11

©2005 Pearson Education, Inc.
Chapter 2
The Demand Curve
Other Variables Affecting Demand
Income
Increases in

income allow consumers to purchase more at all prices
Consumer Tastes
Price of Related Goods
Substitutes
Complements

Слайд 12

©2005 Pearson Education, Inc.
Chapter 2
Change in Demand
Income Increases
Purchased Q0, at P2

and Q1 at P1
Now purchased Q1 at P2 and Q2 at P1
Same for all prices
Demand curve shifts right

Слайд 13

©2005 Pearson Education, Inc.
Chapter 2
The Demand Curve
Changes in quantity demanded
Movements along

the demand curve caused by a change in price
Changes in demand
A shift of the entire demand curve caused by something other than price
Income
Preferences

Слайд 14

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
The market mechanism is the

tendency in a free market for price to change until the market clears
Markets clear when quantity demanded equals quantity supplied at the prevailing price
Market clearing price – price at which markets clear

Слайд 15

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
The curves intersect at
equilibrium, or

market-
clearing, price.
Quantity demanded equals quantity supplied at P0

Слайд 16

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
In equilibrium
There is no shortage

or excess demand
There is no surplus or excess supply
Quantity supplied equals quantity demanded
Anyone who wants to buy at the current price can and all producers who want to sell at that price can

Слайд 17

©2005 Pearson Education, Inc.
Chapter 2
Market Surplus1
The market price is above equilibrium
There

is excess supply - surplus
Downward pressure on price
Quantity demanded increases and quantity supplied decreases
The market adjusts until new equilibrium is reached

Слайд 18

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
At P1, price is above

the market clearing price
Qs > QD
Price falls to the market-clearing price
Market adjusts to equilibrium

Слайд 19

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
The market price is below

equilibrium:
There is excess demand - shortage
Upward pressure on prices
Quantity demanded decreases and quantity supplied increases
The market adjusts until the new equilibrium is reached

Слайд 20

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
At P2, price is below

the market clearing price
QD > QS
Price rises to the market-clearing price
Market adjusts to equilibrium

Слайд 21

©2005 Pearson Education, Inc.
Chapter 2
The Market Mechanism
Supply and demand interact to

determine the market-clearing price
When not in equilibrium, the market will adjust to reduce a shortage or surplus and return the market to equilibrium
Markets must be competitive for the mechanism to be efficient

Слайд 22

©2005 Pearson Education, Inc.
Chapter 2
Changes in Market Equilibrium
Equilibrium prices are determined

by the relative level of supply and demand
Changes in supply and/or demand will cause change in the equilibrium price and/or quantity in a free market

Слайд 23

©2005 Pearson Education, Inc.
Chapter 2
Changes in Market Equilibrium
Raw material prices fall
S

shifts to S’
Surplus at P1 between Q1, Q2
Price adjusts to equilibrium at P3, Q3

Слайд 24

©2005 Pearson Education, Inc.
Chapter 2
Changes in Market Equilibrium
Income Increases
Demand increases to

D’
Shortage at P1 of Q1 to Q2
Equilibrium at P3 and Q3

Слайд 25

©2005 Pearson Education, Inc.
Chapter 2
Changes in Market Equilibrium
Income increases and raw

material prices fall
Quantity increases
If the increase in D is greater than the increase in S price also increases

Слайд 26

©2005 Pearson Education, Inc.
Chapter 2
Shifts in Supply and Demand
When supply and

demand change simultaneously, the impact on the equilibrium price and quantity is determined by:
The relative size and direction of the change
The shape of the supply and demand models

Слайд 27

©2005 Pearson Education, Inc.
Chapter 2
Elasticities of Supply and Demand
Not only are

we concerned with what direction price and quantity will move when the market changes, but we are concerned about how much they change
Elasticity gives a way to measure by how much a variable will change with the change in another variable
Specifically, it gives the percentage change in one variable resulting from a one percent change in another

Слайд 28

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
Measures the sensitivity of

quantity demanded to price changes
It measures the percentage change in the quantity demanded of a good that results from a one percent change in price

Слайд 29

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
The percentage change in

a variable is the absolute change in the variable divided by the original level of the variable
Therefore, elasticity can also be written as:

Слайд 30

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
Usually a negative number
As

price increases, quantity decreases
As price decreases, quantity increases
When |EP| > 1, the good is price elastic
|%ΔQ| > |%ΔP|
When |EP| < 1, the good is price inelastic
|%ΔQ| < |% ΔP|

Слайд 31

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
The primary determinant of

price elasticity of demand is the availability of substitutes
Many substitutes, demand is price elastic
Can easily move to another good with price increases
Few substitutes, demand is price inelastic

Слайд 32

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
Looking at a linear

demand curve, as we move along the curve ΔQ/ΔP is constant, but P and Q will change
Price elasticity of demand must therefore be measured at a particular point on the demand curve
Elasticity will change along the demand curve in a particular way

Слайд 33

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
Given a linear demand

curve
Elasticity depends on slope and on the values of P and Q
The top portion of demand curve is elastic
Price is high and quantity small
The bottom portion of demand curve is inelastic
Price is low and quantity high

Слайд 34

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
Demand Curve
Q = 8

– 2P

Слайд 35

©2005 Pearson Education, Inc.
Chapter 2
Price Elasticity of Demand
The steeper the demand

curve, the more inelastic the demand for the good becomes
The flatter the demand curve, the more elastic the the demand for the good becomes
Two extreme cases of demand curves
Completely inelastic demand – vertical
Infinitely elastic demand – horizontal

Слайд 36

©2005 Pearson Education, Inc.
Chapter 2
Infinitely Elastic Demand
EP = ∞

Слайд 37

©2005 Pearson Education, Inc.
Chapter 2
Completely Inelastic Demand
Q*
D
EP = 0

Слайд 38

©2005 Pearson Education, Inc.
Chapter 2
Other Demand Elasticities
Income Elasticity of Demand
Measures how

much quantity demanded changes with a change in income

Слайд 39

©2005 Pearson Education, Inc.
Chapter 2
Other Demand Elasticities
Cross-Price Elasticity of Demand
Measures the

percentage change in the quantity demanded of one good that results from a one percent change in the price of another good

Слайд 40

©2005 Pearson Education, Inc.
Chapter 2
Other Demand Elasticities
Complements: Cars and Tires
Cross-price elasticity

of demand is negative
Price of cars increases, quantity demanded of tires decreases
Substitutes: Butter and Margarine
Cross-price elasticity of demand is positive
Price of butter increases, quantity of margarine demanded increases

Слайд 41

quantity supplied given a change in price
Measures the percentage change in quantity supplied resulting from a 1 percent change in price

Слайд 42

elasticity of demand at a particular point on the demand curve
Arc elasticity of demand
Price elasticity of demand calculated over a range of prices

Слайд 43

the amount of time consumers have to respond to a price
Short-run demand and supply curves often look very different from their long-run counterparts

Слайд 44

much more price elastic in the long run
Consumers take time to adjust consumption habits
Demand might be linked to another good that changes slowly
More substitutes are usually available in the long run

Слайд 45

cannot easily adjust consumption in the short run.
In the long run, people tend to drive smaller and
more fuel efficient cars.

Слайд 46

durable goods, demand is more elastic in the short run
If goods are durable, then when price increases, consumers choose to hold on to the good instead of replacing it
But in long run, older durable goods will have to be replaced

Слайд 47

car purchase
In long run, older cars must be replaced

Cars: Short-Run and Long-Run Demand Curves

Слайд 48

with the amount of time consumers have to respond to an income change
For most goods and services, income elasticity is larger in the long run
When income changes, it takes time to adjust spending

Слайд 49

goods
Income elasticity is less in the long run than in the short run
Increases in income mean consumers will want to hold more cars
Once older cars are replaced, purchases will only be to replace old cars
Less purchases from income increase in long run than in short run

Слайд 50

price elasticity of supply is greater than short-run price elasticity of supply
Other Goods (durables, recyclables):
Long-run price elasticity of supply is less than short-run price elasticity of supply

Слайд 51

limited by
output constraints
in the short run.
In the long run, they
can expand.

Слайд 52

and demand analysis can be used to predict the effects of changing market conditions
Linear demand and supply must be fit to market data
Given equilibrium price and quantity along with elasticities of supply and demand, we can calculate the curves that fit the information
We can then calculate changes in the market

Слайд 53

know
Equilibrium Price, P*
Equilibrium Quantity, Q*
Price elasticity of supply, ES
Price elasticity of demand, ED

Слайд 54

begin with the equations for supply, demand, elasticity:
Demand: PD = a – bQ
Supply: PS = c + dQ
Elasticity: (P/Q)(ΔQ/ΔP)
We must calculate numbers for a, b, c, and d.

Слайд 55

slope of the demand curve above equals ΔQ/ΔP which equals -b
The slope of the supply curve above equals ΔQ/ΔP which equals d
Demand: ED = -b(P*/Q*)
Supply: ES = d(P*/Q*)

Слайд 56

have written supply and demand so that they only depend upon price
Demand could also depend upon other variables such as income
Demand would then be written as:

Слайд 57

of government intervention
Imposed taxes and granted subsidies
Price controls
Price controls usually hold the price above or below the equilibrium price
Excess demand – shortage
Excess supply – surplus

Слайд 58

to be no higher than Pmax
Quantity supplied falls and quantity demanded increases
A shortage results

The Basics of Supply and Demand

Содержание

©2005 Pearson Education, Inc.Chapter 2IntroductionWhat are supply and demand?What is the

©2005 Pearson Education, Inc.Chapter 2Supply and DemandSupply and demand analysis can:Help

©2005 Pearson Education, Inc.Chapter 2Supply and DemandThe Supply CurveThe relationship between

©2005 Pearson Education, Inc.Chapter 2The Supply CurveThe supply curve slopesupward, demonstrating

©2005 Pearson Education, Inc.Chapter 2The Supply CurveOther Variables Affecting SupplyCosts of

©2005 Pearson Education, Inc.Chapter 2Change in SupplyThe cost of raw materials

©2005 Pearson Education, Inc.Chapter 2The Supply CurveChange in Quantity SuppliedMovement along

©2005 Pearson Education, Inc.Chapter 2Supply and DemandThe Demand CurveThe relationship between

©2005 Pearson Education, Inc.Chapter 2The Demand CurveThe demand curve slopesdownward, demonstrating

©2005 Pearson Education, Inc.Chapter 2The Demand CurveOther Variables Affecting DemandIncomeIncreases in

©2005 Pearson Education, Inc.Chapter 2Change in DemandIncome IncreasesPurchased Q0, at P2

©2005 Pearson Education, Inc.Chapter 2The Demand CurveChanges in quantity demandedMovements along

©2005 Pearson Education, Inc.Chapter 2The Market MechanismThe market mechanism is the

©2005 Pearson Education, Inc.Chapter 2The Market MechanismThe curves intersect atequilibrium, or

©2005 Pearson Education, Inc.Chapter 2The Market MechanismIn equilibriumThere is no shortage

©2005 Pearson Education, Inc.Chapter 2Market Surplus1The market price is above equilibriumThere

©2005 Pearson Education, Inc.Chapter 2The Market MechanismAt P1, price is above

©2005 Pearson Education, Inc.Chapter 2The Market MechanismThe market price is below

©2005 Pearson Education, Inc.Chapter 2The Market MechanismAt P2, price is below

©2005 Pearson Education, Inc.Chapter 2The Market MechanismSupply and demand interact to

©2005 Pearson Education, Inc.Chapter 2Changes in Market EquilibriumEquilibrium prices are determined

©2005 Pearson Education, Inc.Chapter 2Changes in Market EquilibriumRaw material prices fallS

©2005 Pearson Education, Inc.Chapter 2Changes in Market EquilibriumIncome IncreasesDemand increases to

©2005 Pearson Education, Inc.Chapter 2Changes in Market EquilibriumIncome increases and raw

©2005 Pearson Education, Inc.Chapter 2Shifts in Supply and DemandWhen supply and

©2005 Pearson Education, Inc.Chapter 2Elasticities of Supply and DemandNot only are

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandMeasures the sensitivity of

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandThe percentage change in

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandUsually a negative numberAs

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandThe primary determinant of

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandLooking at a linear

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandGiven a linear demand

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandDemand CurveQ = 8

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of DemandThe steeper the demand

©2005 Pearson Education, Inc.Chapter 2Infinitely Elastic DemandEP = ∞

©2005 Pearson Education, Inc.Chapter 2Completely Inelastic DemandQ*DEP = 0

©2005 Pearson Education, Inc.Chapter 2Other Demand ElasticitiesIncome Elasticity of DemandMeasures how

©2005 Pearson Education, Inc.Chapter 2Other Demand ElasticitiesCross-Price Elasticity of DemandMeasures the

©2005 Pearson Education, Inc.Chapter 2Other Demand ElasticitiesComplements: Cars and TiresCross-price elasticity

©2005 Pearson Education, Inc.Chapter 2Price Elasticity of SupplyMeasures the sensitivity of

©2005 Pearson Education, Inc.Chapter 2 Point vs. Arc ElasticitiesPoint elasticity of demandPrice

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityPrice elasticity varies with

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityDemandIn general, demand is

©2005 Pearson Education, Inc.Chapter 2Gasoline: Short-Run and Long-Run Demand Curves People

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityDemand and DurabilityFor some

©2005 Pearson Education, Inc.Chapter 2 Initially, people may put off immediate

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityIncome elasticity also varies

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityIncome elasticity of durable

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityMost goods and services:Long-run

©2005 Pearson Education, Inc.Chapter 2Short-Run Versus Long-Run ElasticityDue to limitedcapacity, firmsare

©2005 Pearson Education, Inc.Chapter 2Predicting the Effects of Changing Market ConditionsSupply

©2005 Pearson Education, Inc.Chapter 2Predicting the Effects of Changing Market ConditionsWe

©2005 Pearson Education, Inc.Chapter 2Predicting the Effects of Changing Market ConditionsLet’s

©2005 Pearson Education, Inc.Chapter 2Predicting the Effects of Changing Market ConditionsThe

©2005 Pearson Education, Inc.Chapter 2Predicting the Effects of Changing Market ConditionsWe

©2005 Pearson Education, Inc.Chapter 2Effects of Price ControlsMarkets are rarely free

©2005 Pearson Education, Inc.Chapter 2Effects of Price Controls Price is regulated

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