• 1.3: Demand, Supply, and Market Equilibrium

    • Demand and Supply Book
      Read this chapter and attempt the "Try It" exercises. Also, complete the concept problems and the numerical problems at the end of the chapter. This chapter will help you gain familiarity and competencies with regard to basic demand and supply concepts. At a minimum, you should be able to list the factors that shift the demand curve and those that shift the supply curve. Make sure to carefully study the difference between demand and quantity demanded (and the difference between supply and quantity supplied).
    • More on Demand Page
      Watch these three videos to learn about Demand, the Law of Demand, and the variables that shift the Demand curve. Make sure to understand the difference between Demand and Quantity Demanded. Knowing this difference will help you determine if a change in a specific variable causes a movement along the Demand curve or a shift of the curve.
    • More on Supply Page
      Watch these two videos to learn about Supply, the Law of Supply, and the variables that shift the Supply curve. Note that, similarly to the discussion of the difference between Demand and quantity demanded, here we have to distinguish between Supply and quantity supplied. As you will see, a change in quantity supplied causes a movement along the supply curve, whereas a change Supply is a shift of the entire curve.
    • Market Equilibrium Page
      Watch this video to put together Demand and Supply on the same graph and determine equilibrium quantity and price. Learn about the ways in which changes on the demand and/or supply side of the market affect the equilibrium outcome.
    • Market Equilibrium and Market Manipulation Quiz

      This exercise will help you understand demand, supply, and equilibrium; identify the determinants of demand and supply; and describe how changes in demand and supply lead to changes in a market's equilibrium price and quantity.

      • This assessment does not count towards your grade. It is just for practice!
      • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
      • You can take this assessment as many times as you want, whenever you want.