ECO 100 Lecture Notes - Lecture 4: Atkins Diet, Excess Supply, Cream Cheese
Document Summary
Market demand versus individual demand. of a good and the quantity demanded: the quantity demanded in the market is the sum of the quantities demanded by all buyers at each price. Demand curve shifters: the demand curve shows how price affects quantity demand, other things being equal, these other things are non-price detriments of demand, e(cid:454). Supply: the quantity supplied of any good is the amount that sellers are willing and able to purchase, law of supply, the claim that the quantity supplied of a good rises when the price of the good rises. Other things equal: the quantity supplied in the market is the sum of quantities supplied by all sellers at each price. Summary: price, causes a movement along the s curve, input prices, shifts the s curve, technology, shifts the s curve, # of sellers, shifts the s curve, expectations, shifts the s curve.
