Revision of Topic 1
What is demand (D)?
A change in D versus a change in Qd
What is supply (S)?
A change in S versus a change in Qs
What happens at equilibrium?
Qd = Qs = quantity transacted
Why would there be
Revision of Topic 2
Consumer, producer, and social surpluses
Why does the government regulate prices?
Who does the government try to protect/help
How is the allocation of the good or service done &
what problems may
Revision of Topic 3
What is the criterion for differentiating between short run and
Whether (the quantities of) all factors of production (i.e.
inputs) are variable
Similarity between economic cost conce