Demand%20and%20Supply - Number of suppliers ( ) ( )...

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©Prep101 Factors that shift Demand Curve Effect on Demand Curve for X ( = shifts right, = shifts left) Price of X ( ) Movement ( ) along Demand Curve Substitute ( ) ( ) Price of Related Good Y Complement ( ) ( ) Normal Goods ( ) Income ( ) Inferior Goods ( ) Product more fashionable Tastes Product less fashionable Population ( ) ( ) Expect price to Expectations about Future Expect price to Factors that Shift Supply Curve Effect on Supply Curve for X ( = shifts left, = shifts right) Price of X ( ) Movement ( ) along supply curve Prices of Inputs ( ) ( ) Technology*
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Unformatted text preview: Number of suppliers ( ) ( ) Dynamics of Demand and Supply Supply (S shifts left) Supply unchanged Supply (S shifts right) Effect on P* and Q* Demand (D shifts left) p* or q* p* q* p* q* or Demand unchanged p* q* P* unchanged q* unchanged p* q* Demand (D shifts right) p* q* or p* q* p* or q* Prep101 Note: When changes occur in both supply and demand, the effects are sometimes known and sometimes depend on the exact shape of the supply and demand curves and the amount they shift. Prep101...
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Demand%20and%20Supply - Number of suppliers ( ) ( )...

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