Authors libby rittenberg 172
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If the supply curve shifted more, then the equilibrium quantity of DVD
rentals will fall [Panel (b)].
If the curves shifted by the same amount, then the equilibrium
quantity of DVD rentals would not change [Panel (c)].
Figure 3.24
3.4 Review and Practice
Summary
In this chapter we have examined the model of demand and supply. We
found that a demand curve shows the quantity demanded at each price, all
other things unchanged. The law of demand asserts that an increase in
price reduces the quantity demanded and a decrease in price increases the
quantity demanded, all other things unchanged. The supply curve shows
the quantity of a good or service that sellers will offer at various prices, all
other things unchanged. Supply curves are generally upward sloping: an
increase in price generally increases the quantity supplied, all other things
unchanged.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
172
