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Chapter 8 - Understanding Market and Industry Changes

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Uploaded on May 3, 2011

Chapter 8 Video Lecture
Managerial Economics: A Problem Solving Approach
by Luke Froeb, Brian McCann

Summary of Main Points Chapter 8

-- A market has a product, geographic, and time dimension. Define the market before using supply--demand analysis.

-- Market demand describes buyer behavior; market supply describes seller behavior in a competitive market.

-- If price changes, quantity demanded increases or decreases (represented by a movement along the demand curve).

-- If a factor other than price (like income) changes, we say that demand curve increases or decreases (a shift of demand curve).

-- Supply curves describe the behavior of sellers and tell you how much will be sold at a given price.

-- Market equilibrium is the price at which quantity supplied equals quantity demanded. If price is above the equilibrium price, there are too many sellers, forcing price down, and vice versa.

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