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Unformatted text preview: 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 D. The Method 1. Who is directly affected? 2. How does behavior change? 3. What is the result? E. Examples III. NEXT TIME A. Chapter 5: “Using Supply and Demand” B. Begin Chapter 7: “Describing Supply and Demand: Elasticities”...
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- Spring '07
- Supply And Demand, Quantity Supplied