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Lecture 4:Introduction to Supply, Demand, and Competitive Equilibrium in Microeconomics
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Competitive Markets
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Introduction to Supply and Demand
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The Demand Curve
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Individual Demand and Market Demand
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The Supply Curve
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The Basics of Supply
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Individual Supply and Market Supply
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Market Equilibrium
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Big Daddy Shift Summary
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Using the Supply and Demand Curves to Find Equilibrium
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Equilibrium
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Law of Supply and Demand
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Demand Shifts
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Shifts in the Demand Curve
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Shifting Right and Shifting Left
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Consumer Income:Normal Goods and Inferior Goods
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Technology
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The Free Rider Problem and the Tragedy of the Commons
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