1.5: Applications of Demand and Supply
- Read this chapter and attempt the "Try It" exercises. 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 after completing these chapters. This will help you prepare for similar types of analyses in the units ahead.
- Watch this video to learn about the way in which government price controls (price floors and price ceilings) can sometimes alter the market outcome. Note if price controls are set at levels that make them ineffective. Some notable examples of real world price controls are also discussed.