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Chap 4 EC 201
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Introduction to Supply and Demand
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Perfect Competition
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The Basics of Demand
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The Basics of Demand
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Individual Demand and Market Demand
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Individual and Market Demand
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Shifting Demand
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Introducing Demand Shifts
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Shifting Demand
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The Basics of Supply
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Individual Supply and Market Supply
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Individual Supply and Market Supply
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Shifting Supply
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Shifting Supply
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Input Prices
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Supply and Demand Together: Equilibrium, Shortage, and Surplus
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Equilibrium
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Surplus and Shortage
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Law of Supply and Demand
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