Economics (McConnell), 18th Edition

Chapter 3: Demand, Supply and Market Equilibrium (+ Appendix)

IN THIS CHAPTER YOU WILL LEARN:

  1. What demand is and what affects it.


  2. What supply is and what affects it.


  3. How supply and demand together determine market equilibrium.


  4. How changes in supply and demand affect equilibrium prices and quantities.


  5. What government-set prices are and how they can cause product surpluses and shortages.


  6. (Appendix) How supply and demand analysis can add insights on actual-economy situations.


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