ECON 221 1st Edition Lecture 6 Outline of Last Lecture I. How Supply and Demand Determine Prices a. Supply and Demand Togetherb. The Equilibrium of Supply and Demandc. Markets Not in EquilibriumOutline of Current LectureI. How Supply and Demand Determine Prices (cont.)a. How a Decrease in Supply Affects Equilibriumb. How an Increase in Demand Affects Equilibriumc. A Shift in both Supply and DemandCurrent LectureChapter 4: How Supply and Demand Determine Prices (cont.) These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Supply and Demand Togethero Shifts in both supply and demand demand curve shifts to the right; supply curve shifts to the left at the same
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