Introduction to Microeconomics Chapter 02: Supply and Demand in Markets
Chapter 2 is dedicated to the central model of microeconomics, the perfectly competitive market. First, this market model is defined and compared with other market forms. Then, demand and supply as the two antagonists of markets representing the buyers and the sellers respectively are analysed regarding their determinants and interplay. Central elements dealt with are the law of demand / supply, the demand / supply schedules, the demand / supply curves and the market equilibrium.
Prof. Dr. Hiltgunt Fanning (Fachhochschule Stralsund)