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Lesson 7: Market | Unit 2: The Numbers Page: 7 of 22

Topic: Market Agreement <=PAGE BACK | PAGE NEXT=>

What would happen if we had different prices in the market?
  • At 10 cents, the quantity demanded is 800 tapes and the quantity supplied is 0 tapes. This is not a suitable price. The buyers can't buy all that they want.
  • At 90 cents, the quantity demanded is 0 tapes and the quantity supplied is 800 tapes. This is not a suitable price, either. The sellers can't sell all that they want.
  • Buyers or sellers are not satisfied at these prices and will take corrective action.
This is not equilibrium.

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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for crowded shopping malls.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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