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ECON 208 (210)
Lecture

ECON 208 CH5 Markets In Action.pdf

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Department
Economics (Arts)
Course
ECON 208
Professor
Michel Lapointe
Semester
Fall

Description
ECON 208 Introduction To Microeconomics Chapter 5 Markets In Action No market or industry exists in isolation from the economys many other marketsA change in one market will lead to a change in all the other markets This induced effect is known as feedbackPartial equilibrium analysis is the study of a market in isolation whilst ignoring the feedback effects of other marketsGeneral equilibrium analysis is the study of all the markets as a wholeGovernment controlled prices attempt to hold the price at some disequilibrium valueIf price is above equilibrium then there is excess supply If price is below equilibrium then there is excess demandPrice floorsCant sell below the floorExcess supply
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