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Economics Lecture Two (view source)
Revision as of 02:57, September 4, 2009
, 02:57, September 4, 2009→Changes in Supply and Demand: finished
[[Image:Supply_curve_shift.gif]]
[[Image:Supply_curve_shift.gif]]
Can you interpret that? When the supply curve shifted downward as supply increased, the price decreased but the quantity increased. The new equilibrium is at lower price and greater quantity than before. Consumers are happier as supply increases. The discovery of new oil reserves, or inventions like the cotton gin, make consumers better off.
Can you interpret that? When the supply curve shifted downward as supply increased, the price decreased but the quantity increased. The new equilibrium is at lower price and greater quantity than before. Consumers are happier as supply increases. The discovery of new oil reserves, or inventions like the cotton gin, make consumers (the public) better off.
== Example: The Tyndale Bible ==
== Example: The Tyndale Bible ==