Markets and More Markets

  • Richard B. McKenzie
  • Gordon Tullock
Chapter

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.

Keywords

Demand Curve Price System Market System Supply Curve Inside Trading 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  • Richard B. McKenzie
    • 1
  • Gordon Tullock
    • 2
  1. 1.Paul Merage School of BusinessUniversity of California, IrvineIrvineUSA
  2. 2.Law & Economics CenterGeorge Mason UniversityArlingtonUSA

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