(4) Practice with the Market Model
Equilibrium, Market Adjustment, Market Operations
This offers the opportunity to practice using the market model. The viewer chooses a demand/supply factor to change, and the the adjustment process is illustrated and explained in full detail.
Crane, Steven E., "(4) Practice with the Market Model" (2011). Principles of Microeconomics. Paper 18.
Varies, based on viewer selection
Ability to use market model to show the effects of a change in some driver of demand or supply. Ability to explain in detail the steps in the market adjustment process.
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