microeconomicdemandandsupply-免費(fèi)閱讀
【正文】 2020 Pearson AddisonWesley When supply decreases, the equilibrium price rises and the equilibrium quantity decreases. Predicting Changes in Price and Quantity 169。 2020 Pearson AddisonWesley If the price is $ a bar, the quantity demanded exceeds the quantity supplied. There is a shortage of 9 million energy bars. If the price is $ a bar, the quantity demanded equals the quantity supplied. There is neither a shortage nor a surplus of energy bars. Market Equilibrium 169。 2020 Pearson AddisonWesley Expected Future Prices If the expected future price of a good rises, the supply of the good today decreases and the supply curve shifts leftward. The Number of Suppliers The larger the number of suppliers of a good, the greater is the supply of the good. An increase in the number of suppliers shifts the supply curve rightward. Supply 169。 and the lower the price of a good, the smaller is the quantity supplied. The law of supply results from the general tendency for the marginal cost of producing a good or service to increase as the quantity produced increases (Chapter 2, page 35). Producers are willing to supply a good only if they can at least cover their marginal cost of production. Supply 169。 2020 Pearson AddisonWesley Expected Future Prices If the expected future price of a good rises, current demand for the good increases and the demand curve shifts rightward. Ine When ine increases, consumers buy more of most goods and the demand curve shifts rightward. A normal good is one for which demand increases as ine increases. An inferior good is a good for which demand decreases as ine increases. Demand 169。 2020 Pearson AddisonWesley Substitution Effect When the relative price (opportunity cost) of a good or service rises, people seek substitutes for it, so the quantity demanded of the good or service decreases. Ine Effect When the price of a good or service rises relative to ine, people cannot afford all the things they previously bought, so the quantity demanded of the good or service decreases. Demand 169。3 DEMAND AND SUPPLY 169。 2020 Pearson AddisonWesley Demand Curve and Demand Schedule The term demand refers to the entire relationship between the price of the good and quantity demanded of the good. A demand curve shows the relationship between the quantity demanded of a good and its price when all other influences on consumers’ planned purchases remain the same. Demand 169。 2020 Pearson AddisonWesley Expected Future Ine and Credit When expected future ine increases or when credit is easy to obtain, the demand might increase now. Population The larger the population, the greater is the demand for all goods. Preferences People with the same ine have different demands if they have different preferences. Demand 169。 2020 Pearson AddisonWesley Supply Curve and Supply Schedule The term supply refers to the entire relationship between the quantity supplied and the price of a good. The supply curve shows the relationship between the quantity supplied of a good and its price
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