Principles of Microeconomics / Unit 17 MIC 1606 short lesson, about 20 seconds
Demand, Supply, and the Four Steps
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The idea
Demand and supply are curves; quantity demanded and supplied are points on them. A price change moves along a curve; anything else shifts it. Four steps: draw the market, decide which curve shifts and which way, find the new equilibrium, compare.
In practice
Bad weather shifts supply; a shift in supply moves along demand.
Where people slip
The error is shifting the curve the event moves along.
Your place on the trail
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