Lecture Economics (6/e): Chapter 3 - Stephen L. Slavin

Chapter 3 - Supply and demand. After studying this chapter you will be able to: Define and explain demand in a product or service market; define and explain supply; determine the equilibrium point in the market for a specific good, given data on supply and demand at different price levels; understand what causes shifts in demand and supply; understand how price ceilings cause shortages; understand how price floors cause surpluses.