What Is Supply and Demand?
When the price rises buyers want less, if nothing else changes; the demand curve slopes down.
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1.What does the law of demand say?
When the price rises buyers want less, if nothing else changes; the demand curve slopes down.
2.What does the law of supply say?
With a higher price sellers offer more; the supply curve slopes up.
3.What does a price change do to a curve?
A price change moves you along a curve; weather, tastes, incomes, costs and technology shift the whole curve.
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Sources (3)
- The Science of Supply and Demand (Page One Economics, D. F. Perkis) (Federal Reserve Bank of St. Louis)
- Supply and Demand: Why Markets Tick (Back to Basics, I. Asmundson) (International Monetary Fund, Finance & Development)
- Eigene Rechnung: synthetischer Eisstand (Winter, Sommer, Ernteausfall)
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