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DEMAND AND SUPPLY

3. DEMAND AND SUPPLY. CHAPTER. Objectives. After studying this chapter, you will be able to: Describe a competitive market and think about a price as an opportunity cost Explain the influences on demand Explain the influences on supply

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Chapter 2

Chapter 2. Demand, Supply, & Market Equilibrium. Demand. Quantity demanded ( Q d ) Amount of a good or service consumers are willing & able to purchase during a given period of time. Demand. Six variables that influence Q d Price of good or service (P) Incomes of consumers (M)

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Economics 100

Economics 100. Lecture 7 Demand III. Demand and Supply: Predicting Changes in Price and Quantity. A change in demand A change in supply A change in both demand and supply. An Increase in Demand. When there is an increase in demand: At the original price, there is a shortage

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Demand curve shifts rightward - PowerPoint PPT Presentation

DEMAND AND SUPPLY

Chapter 2

Economics 100