PP_Slides_Class_5_Monday_January_28

PP_Slides_Class_5_Monday_January_28 - is a Shortage When...

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Good Afternoon!! Class 5 Monday, January 28
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1. The ask price is posted by the a. buyer b. seller
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2. The bid price is posted by the a. buyer b. seller
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1. True or False. After we do today’s experiment, two Aplia graded problem sets, “Analyzing the Equilibrium Price and Quantity Experiment” and “Gains from Trading Textbooks,” will be posted. They will both be due on Friday, February 1 at 11 pm. a. True b. False
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Equilibrium where supply equals demand Supply and demand determine the market price through the invisible hand
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When Supply is greater than Demand, there is a Surplus When Demand is greater than Supply, there
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Unformatted text preview: is a Shortage When Demand equals Supply, there is Equilibrium Movement Along the Curve vs. Shifts of the Curve If price changes, we move along the curve If anything else changes, we shift the curve Movement Along the Curve Demand Curve: the higher the price, the smaller the quantity demanded Supply Curve: the higher the price, the larger the quantity supplied Shifts of the Curve: changes in Demand Supply Tastes Number of Sellers Income War situation Prices of related Costs of inputs goods 4. When the demand curve shifts right and the supply curve shifts left, price ____ a. falls b. rises...
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PP_Slides_Class_5_Monday_January_28 - is a Shortage When...

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