• Supply, Demand, and Market Equilibrium

    We begin our study of microeconomics by looking at a market with many buyers and sellers, i.e. a market where there is a large amount of competition. We will study such a market in more depth in Perfect Competition, as well as other market types, but starting here makes it easy to get a feel for how the subject works.


    The Demand Curve

  • The Law of Supply and the Supply Curve

    The Law of Supply

    As you’ve learned, consumers demand products and services at the lowest possible prices. In contrast, suppliers like Microsoft exist to make a profit—hopefully, a big profit. As you read this section, you’ll learn about the law of supplyand how it is geared toward making profits.

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