Unformatted text preview: quantity o An increase in supply will lead to a decrease in the equilibrium price and an increase in the equilibrium quantity o A decrease in supply will lead to an increase in the equilibrium price and a decrease in the equilibrium quantity • Social welfare – the sum of the economic surplus achieved by buyers and sellers of a good. •...
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This note was uploaded on 05/08/2008 for the course ECO 2013 taught by Professor Zhou during the Spring '08 term at The University of Texas at San Antonio- San Antonio.
- Spring '08
- Supply And Demand