Chapter 3: 23 (page 48)
Name some factors that can cause a shift in the
demand curve in markets for goods and services.
Demand for the good and the price of commodity etc are the reason for shift in demand curve.
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Can you propose a policy that would induce the market to supply more rental housing units?
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
What is the relationship between total surplus and economic efficiency?
What would be the impact of imposing a price floor below the equilibrium price?
Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music players) on the equilibrium price and quantity of the Sony Walkman (or other portable audio cassette players).
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