SIMPLE MARKET DIAGRAMS Flashcards by Robert Dennis

Q

Demand curve

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Q

Extension in demand

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Q

Contraction in demand vs decrease in demand

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Q

Increase in demand; market demand is the sum of demand for individual firms

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Q

Demand curve in the cookie market

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Q

Diagrams showing complements and substitutes

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Q

Supply curve

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Q

Supply curve in the coffee market

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Q

Market equilibrium

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Q

Market diagram equilibrium – relatively price inelastic demand and supply

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Q

Decrease in market demand showing the impact on market equilibrium

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Q

Increase in market demand showing the impact on market equilibrium

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Q

Increase in market supply showing the impact on market equilibrium

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Q

Decrease in market supply showing the impact on market equilibrium

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Q

Impact of decrease in market supply of coffee on the equilibrium price and quantity of coffee

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Q

Impact of increase in market demand for coffee on the equilibrium price and quantity of coffee

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increase in producer surplus from ACP to BCP1

Q

Impact of decrease in market supply and increase in market demand in coffee market on the equilibrium price and quantity of coffee

A

Q

Decrease in the price of solar power caused by an increase in the supply of solar power

A

Q

Adjustment to new market equilibrium in housing market after an increase in market demand showing excess demand at original price

A

Q

Price inelastic demand curve

A

Q

Price elastic demand curve

A

Q

Changing price elasticity of demand along a straight-line demand curve (PED is not the gradient); letters can be used to analyse the impact on total revenue at each point along the demand curve

A

Q

Unitary price elasticity of demand at midpoint (PED = -1)

A

Q

Changing PED along a straight-line demand curve, including numbers for deeper analysis

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Q

PED elastic at A and inelastic at B

A

Q

Price elastic supply curve

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Q

Price inelastic supply curve

A

Q

Healthcare market: excess demand (waiting list) when healthcare is provided free at the point of use eg. NHS

A