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Microeconomics of Oil Markets: Supply, Demand, and Historical Shocks
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The Demand Curve
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07:15
The Basics of Demand
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Individual Demand and Market Demand
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Shifts in the Demand Curve
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Consumer Income:Normal Goods and Inferior Goods
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Substitute Goods
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Consumer Expectations
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The Supply Curve
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Individual Supply and Market Supply
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The Basics of Supply
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Shifts in the Supply Curve
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Nature
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Technology
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Substitutes in Production
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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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Results of Both Shifting
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Demand Shifts
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