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Supply and Demand Under Perfect Competition

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Book cover Principles of Microeconomics

Part of the book series: Springer Texts in Business and Economics ((STBE))

Abstract

This chapter covers …

  • the functioning of competitive markets as one way of organizing economic activities.

  • how supply and demand can be determined, how they can be used to predict market behavior and the effect changes have in the economic environment on economic outcomes.

  • how to apply the theory of competitive markets in order to better understand the economy.

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References

  • Arrow, K. J. (1974). General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice. American Economic Review, 64(3), 253–272.

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  • Bourdieu, P. (1983). Ökonomisches Kapital, Kulturelles Kapital, Soziales Kapital. In R. Kreckel (Ed.), Soziale Ungleichheit (pp. 183–198). Göttingen: Schwartz.

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  • Kirman, A. P. (1992). Whom or What does the Representative Individual Represent? Journal of Economic Perspectives, 6(2), 117–136.

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  • Landsburg, S. E. (1995). The Armchair Economist. Free Press.

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Further Reading

  • Bowles, S. (2003). Microeconomics: Behavior, Institutions and Evolution. Princeton: Princeton University Press.

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  • Debreu, G. (1972). Theory of Value: An Axiomatic Analysis of Economic Equilibrium. Yale University Press.

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  • Frank, R. H. (2008). Microeconomics and Behavior. McGraw-Hill.

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  • Kreps, D. M. (1990). A Course in Microeconomic Theory. Harvester Wheatsheaf.

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Author information

Authors and Affiliations

  1. Institute for Business Ethics, University of St. Gallen, St. Gallen, Switzerland

    Martin Kolmar

Authors
  1. Martin Kolmar
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Correspondence to Martin Kolmar .

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Kolmar, M. (2017). Supply and Demand Under Perfect Competition. In: Principles of Microeconomics. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-57589-6_4

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