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Visual Summary Chapter 2: Demand, Supply and Market Equilibrium, Demand,…

- - - - Positive or direct relationship between price and quantity
    - - Changes in buyers quantity supplied
        
        is a movement from one point to another point along a fixed supply curve. (influenced by change in price of specific product)
      - Changes in Supply
        
        Determinants
        
        A. Resource prices
        B. Technology
        C. Taxes and Subsidies
        D. Prices of other goods
        E. Producer Expectations
        F. Number of sellers
    - - Upward sloping
- - - - Price Floor
    - - Price Ceiling
- - - - A. Income-normal or inferior
        B. Tastes and Preferences
        C. Related goods (complements or substitutes or unrelated goods)
        D. The number of buyers
        E. Expectation