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DEMAND AND SUPPLY INCREASE: A simultaneous increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an increase in equilibrium quantity and an indeterminant change in equilibrium price.
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Lesson 5: Demand | Unit 4: Determinants
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Page: 14 of 20
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Topic:
Shifters: Increase
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Demand determinants shift the demand curve.- The demand curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
- A change in one of the determinants can cause:
- An increase in demand, a rightward shift, which means that for any price, for every price, buyers are willing and able to buy more of the good.
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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