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Chapter 4 Test Form a Demand

Chapter 4 Test Form a Demand

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hello there econ students this is Professor Quran explaining supply and demand now the concept of supply and demand is the most important concept in all of economics and consequently this is the most important chapter in all the book in fact the later chapters are mostly just extensions of the model that we're going to learn in this chapter so it's important that you understand it thoroughly our goal is to understand market behavior a market is a group of buyers and sellers of a particular product so when we say the word market we don't mean a particular market in a particular place you don't mean the fish or bread market down town rather we just mean that the forces of supply and demand are coming together to determine the price of the product in the quantity bought and sold for now we're going to assume a competitive market a competitive market is just a market with many buyers and sellers such that each has a negligible effect on the price so we're not assuming a monopoly okay so we

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