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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 10 of 20

Topic: More Supply <=PAGE BACK | PAGE NEXT=>

The six steps for an increase in supply:
  • A determinant changes. The price of ice cream, a key resource input for hot fudge sundaes, declines.
  • A curve to shifts. The supply curve for hot fudge sundaes shifts rightward.
  • A shortage or a surplus occurs. The increase in supply causes a surplus of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes down.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
  • The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is more.

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EXCESS DEMAND

A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied. Excess demand is another way to say shortage. It also goes by the common term of sellers' market. Excess demand is one of two disequilibrium states of the market. The other is excess supply (or surplus).

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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