Excess Supply quantity supplied is _________________________________________________________________ – Surplus ________________________________________________________________________________ – _____________ < _____________ Surpluses prices ________________________ Application The Effects of a Change in Supply – Plot the schedule below, which represents market supply and demand and the effects of a change in supply. Price QD1 QS QS2 $50 0 13 20 40 2 11 17 30 4 9 15 20 6 6 13 10 10 3 10 5 15 0 3 Law of Supply and Demand Law of supply and demand the price of any good _____________________________________________________ – ______________________________________________________________________________________________ Shortages/Surpluses are short-lived market conditions Supply and Demand Review
Excess Supply – quantity supplied is _________________________________________________________________ Surplus – ________________________________________________________________________________ _____________ < _____________ Surpluses prices ________________________ Application – The Effects of a Change in Supply Plot the schedule below, which represents market supply and demand and the effects of a change in supply. Price QD1 QS QS2 $50 0 13 20 40 2 11 17 30 4 9 15 20 6 6 13 10 10 3 10 5 15 0 3 Law of Supply and Demand Law of supply and demand – the price of any good _____________________________________________________ ______________________________________________________________________________________________ Shortages/Surpluses are short-lived market conditions Supply and Demand Review
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