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Chapter 4: Demand and Supply Applications – Price System, Rationing, and Market Efficiency

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Price Ceilings, Price Floors, and Black Markets

  • Guided course
    Price Ceilings
    07:07
  • Guided course
    Price Floors and Black Markets
    08:03
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    Price Floors
    02:18

The Demand Curve

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    The Basics of Demand
    07:15
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    Individual Demand and Market Demand
    06:08

The Supply Curve

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    Individual Supply and Market Supply
    06:04
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    The Basics of Supply
    03:53

Market Equilibrium

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    Overview of Supply and Demand Shifts
    04:07

Consumer Surplus and Willingness to Pay

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    Consumer Surplus in a Small Setting
    14:41
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    Consumer Surplus and Market Demand
    06:08
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    Consumer Surplus
    03:15

Economic Surplus and Efficiency

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    Deadweight Loss and Market Failure
    07:08
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    Economic Surplus
    11:40

Effects of Shortage

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    Shortage
    02:01