Price - Review Notes

In this section, you can review this chapter’s key concepts:

  • Describe the conditions that define market equilibrium

  • Identify and describe suppliers' responses to shortages and surpluses

  • Evaluate what effect that changes of supply and demand have on the equilibrium price in six situations

  • Explain the difference between elastic and inelastic supply

  • Segment goods based on whether their elasticity of supply is less than, greater than, or equal to one

  • Describe the two key outcomes of price control programs

  • Explain how price discrimination can increase firms’ profits

  • Identify price collusion

  • Calculate consumer surplus and producer surplus

Resources - Notes and Audio

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