Supply & Demand

Market equilibrium, shifts, elasticity, and government intervention

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Topics Covered

• Demand, Supply & Equilibrium — Law of demand, law of supply, determinants, equilibrium price and quantity, and surplus/shortage
• Elasticity — Price elasticity of demand and supply, cross-price elasticity, income elasticity, and total revenue
• Government Intervention — Price ceilings, price floors, taxes, subsidies, consumer/producer surplus, and deadweight loss

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