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3 cards from this section. Quick, good the night before a test.
What does a demand curve illustrate?
Think about how consumers react to changes in price.
What happens at the equilibrium point?
What happens when supply meets demand?
What does a supply curve illustrate?
Think about what suppliers consider when determining their output.
True or False: An increase in demand always results in a higher equilibrium price.
Is your understanding of demand in line with market behavior?
Consider an economy experiencing rapid technological advancement. How would this impact the PPC and aggregate supply curve? Discuss your reasoning.
Think about how technology influences production capabilities.
Evaluate how a sudden increase in the price of oil would affect the aggregate supply curve and explain the consequences for equilibrium.
Consider how input costs transform the supply landscape.
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