Unformatted text preview: a. Cost of labor (i.e., wages) (-) b. Other input costs (-) c. Productivity (+) d. Expectations i. Future price (-) e. Number of sellers (+) 5. Graphically a. Change in Quantity Supplied: movement along curve b. Change in Supply: Shift of entire curve C. Market Equilibrium and Disequilibrium 1. Equilibrium: quantity supplied=quantity demanded 2. Disequilibrium a. Excess supply: Surplus b. Excess demand: Shortage c. Return to equilibrium III: NEXT TIME A. Finish Chapter 3: “Supply and Demand…”...
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This note was uploaded on 07/31/2008 for the course ECON 2035 taught by Professor Stahl during the Spring '08 term at LSU.
- Spring '08