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DEMAND DECREASE AND SUPPLY INCREASE: A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward 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 indeterminant change in equilibrium quantity and a decrease in equilibrium price.
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Lesson 7: Market Equilibrium | Unit 2: The Numbers
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Page: 6 of 22
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This table combines the demand and supply schedules for 8-track tapes. The price of tapes ranges from 10 cents to 90 cents. The quantity demanded ranges from 800 tapes to 0 tapes. The quantity supplied ranges form 0 tapes to 800 tapes. - Law of demand: As the price increases from 10 to 90 cents, the quantity demanded decreases from 800 tapes to 0 tapes.
- Law of supply: As the price increases from 10 to 90 cents, the quantity supplied increases from 0 tapes to 800 tapes
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AGGREGATE SUPPLY DETERMINANTS An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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AIC
Akaike's Information Criterion
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