Abstract
In this chapter, we consider several problems that will allow us to demonstrate how supply and demand curves can be employed to understand social issues and to predict directional movements in market price and quantity of a good purchased. Supply and demand analysis does not tell us all we may like to understand about the market—for example, how much price and quantity change—but it can indicate general tendencies and, to that extent, can help clarify issues that may otherwise remain obscure.
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© 2012 Springer-Verlag Berlin Heidelberg
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McKenzie, R.B., Tullock, G. (2012). Markets and More Markets. In: The New World of Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-27364-3_6
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DOI: https://doi.org/10.1007/978-3-642-27364-3_6
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Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-27363-6
Online ISBN: 978-3-642-27364-3
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