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Extensions of Demand and Supply Analysis: Price System, Market Equilibrium, and Government Intervention

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The Demand Curve

Shifts in the Demand Curve

Movement Along a Demand Curve

The Supply Curve

Shifts in the Supply Curve

Movement Along a Supply Curve

Market Equilibrium

Using the Supply and Demand Curves to Find Equilibrium

Effects of Surplus

Effects of Shortage

Price Ceilings, Price Floors, and Black Markets

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas

Consumer Surplus and Willingness to Pay

Producer Surplus and Willingness to Sell

Economic Surplus and Efficiency