Supply, Demand, and Equilibrium

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Question

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Watch https://mru.org/courses/principles-economics-microeconomics/demand-curve-shifts-definition videos, if you need help.

[Watch: The videos under the “Supply, Demand, and Equilibrium” tab.]

Quiz 2

1. According to the video, if the demand of certain goods and services (such as barrel of oil or the number of patient) increases, what will happen to the equilibrium price and quantity? To get original price, what will happen to the supply curve and the quantity?

2. Different elasticities lead to different decisions.

1) What is elasticity of demand? Give me an example of elastic demand and inelastic demand.

2) What is elasticity of supply? Give me an example of elastic supply and inelastic supply.

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