【正文】 。 2020 Pearson AddisonWesley The Law of Demand The law of demand states: Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded。 2020 Pearson AddisonWesley 169。 2020 Pearson AddisonWesley What makes the prices of oil and gasoline double in just one year? Will the price of gasoline keep on rising? Are the oil panies taking advantage of people? Some prices rise, some fall, and some fluctuate. This chapter explains how markets determine prices and why prices change. 169。 and the lower the price of a good, the larger is the quantity demanded. The law of demand results from ? Substitution effect ? Ine effect Demand 169。 2020 Pearson AddisonWesley A rise in the price, other things remaining the same, brings a decrease in the quantity demanded and a movement up along the demand curve. A fall in the price, other things remaining the same, brings an increase in the quantity demanded and a movement down along the demand curve. Demand 169。 2020 Pearson AddisonWesley Prices of Related Goods A substitute is a good that can be used in place of another good. A plement is a good that is used in conjunction with another good. When the price of substitute for an energy bar rises or when the price of a plement of an energy bar falls, the demand for energy bars increases. Demand 169。 2020 Pearson AddisonWesley A Change in the Quantity Demanded Versus a Change in Demand Figure illustrates the distinction between a change in demand and a change in the quantity demanded. Demand 169。 2020 Pearson AddisonWesley The Law of Supply The law of supply states: Other things remaining the same, the higher the price of a good, the greater is the quantity supplied。 2020 Pearson AddisonWesley Minimum Supply Price A supply curve is also a minimumsupplyprice curve. As the quantity produced increases, marginal cost increases. The lowest price at which someone is willing to sell an additional unit rises. This lowest price is marginal cost. Supply 169。 2020 Pearson AddisonWesley Prices of Related Goods Produced A substitute in production for a good is another good that can be produced using the same resources. The supply of a good increases if the price of a substitute in production falls. Goods are plements in production if they must be produced together. The supply of a good increases if the price of a plement in production rises. Supply 169。 2020 Pearson AddisonWesley A Change in the Quantity Supplied Versus a Change in Supply Figure illustrates the distinction between a change in supply and a change in the quantity supplied. Supply 169。 2020 Pearson AddisonWesley Price as a Regulator Figure illustrates the equilibrium price and equilibrium quantity. If the price is $ a bar, the quantity supplied exceeds the quantity demanded. There is a surplus of 6 million energy bars. Market Equilibrium 169。 2020 Pearson AddisonWesley An Increase in Supply Figure shows that when supply increases the supply curve shifts ri