What are the assumptions behind the market demand curve?What is own price elasticity of demand and what are the factors that determine it?
Macroeconomics 201 Lecture #3: Supply, Demand, and Equilibrium 1. What are the assumptions behind the market demand curve? 2. What are the assumptions behind the market supply curve? 3. Draw a market supply curve and a market demand curve for a hypothetical widget market. Label the equilibrium price p* and the equilibrium quantity q*. 4. […]