Microeconomics,, 16th Canadian Edition

Figure 3-4 Shifts of and Movements Along the Demand Curve shows the combined effect of an increase in demand, shown by a rightwa ...

demand and the rise in price is an increase in quantity demanded from to 2 We realize that apples are not a very exciting produc ...

3.2 Supply What determines the supply of any given product? Why do Canadian oil producers extract and sell more oil when the pri ...

Government taxes or subsidies Prices of other products Significant changes in weather Number of suppliers The situation with sup ...

Quantity Supplied and Price We begin by holding all other variables constant and ask, “How do we expect the total quantity of a ...

Figure 3-5 The Supply of Apples Short-Run Supply Curves The general relationship just discussed can be illustrated by a supply s ...

Figure 3-6 An Increase in the Supply of Apples apples supplied to the price of apples; its positive slope indicates that quantit ...

A cost-saving innovation increases the quantity supplied at each price. This is shown by the rightward shift in the supply curve ...

to the left; a fall in the price of inputs makes production more profitable and therefore shifts the supply curve to the right. ...

curve to the right. As we will see in later chapters, governments often levy special taxes on the production of specific goods, ...

a reduction in the price of oats leads to an increase in the supply of wheat. An excellent example in which two products are com ...

For given prices and technology, the total amount of any product supplied depends on the number of firms producing that product ...

A change in quantity supplied can result from a change in supply with the price constant, a movement along a given supply curve ...

The Consequences of Price Discrimination So far we have considered demand and supply separately. We now come to a key question: ...

2. There must be a large number of producers of the product, each one small relative to the size of the market. 3. Producers mus ...

The Concept of a Market copper, wheat, oil, natural gas, lumber, newsprint, beef, pork, etc. But it is not satisfied in the mark ...

Originally, the term market designated a physical place where products were bought and sold. We still use the term this way to d ...

Figure 3-7 The Equilibrium Price of Apples Long-Run Equilibrium The table in Figure 3-7 brings together the demand and supply sc ...

bushel, there is a shortage of apples because the quantity demanded exceeds the quantity supplied. This is a situation of excess ...

There is neither a shortage nor a surplus of apples. There are no unsatisfied buyers to bid the price up, nor are there unsatisf ...