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chapter 4 - Chapter 4 Markets and Competition A market A...

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1 CHAPTER 4 THE MARKET FORCES OF SUPPLY AND DEMAND 0 Chapter 4 Markets and Competition A market A competitive market A perfectly competitive market: CHAPTER 4 THE MARKET FORCES OF SUPPLY AND DEMAND 1 Demand The quantity demanded Law of demand : CHAPTER 4 THE MARKET FORCES OF SUPPLY AND DEMAND 2 The Demand Schedule Demand schedule : Example: Helen’s demand for lattes. 16 $0.00 4 6.00 6 5.00 8 4.00 10 3.00 12 2.00 14 1.00 Quantity of lattes demanded Price of lattes the Law of Demand
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