Chapter
17
Demand,
Supply,
and
Equilibrium
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
171
Chapter
Objectives
•
Individual
and
market
demand
•
Changes
in
demand
•
Individual
and
market
supply
•
Changes
in
supply
•
Graphing
supply
and
demand
curves
•
Finding
equilibrium
price
and
quantity
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
172
Demand
Defined
•
Demand
is
the
schedule
of
quantities
of
a
good
or
service
that
people
will
purchase
at
different
prices
–
The
law
of
demand:
when
the
price
of
a
good
is
lowered,
more
of
it
is
demanded;
When
it
is
raised,
less
is
demanded
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
173
