(5) More 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. Here the emphasis is on the end result as opposed to the details of the adjustment process, and the demand/supply function presentation is emphasized.
Crane, Steven E., "(5) More Practice with the Market Model" (2011). Principles of Microeconomics. 17.
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 demand and supply as multiple variable functions that are graphed as demand/supply curves.
Previous Demand, Supply, & Market Videos