Chapter 2

Supply and Demand

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 Fig. 2.1

The Demand Curve for Lobsters in

Hyannis, MA., July 20, 2003

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 Fig. 2.2

A Supply Schedule for Lobsters in

Hyannis, MA., July 20, 2003

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 Fig. 2.3

Equilibrium in the Lobster Market

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 Fig. 2.4

Excess Supply and Excess Demand

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 Fig. 2.5

An Opportunity for Improvement in

the Lobster Market

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 Fig. 2.6

Rent Controls

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 Fig. 2.7

A Price Support in the

Soybean Market

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 Fig. 2.8

Factors that Shift Demand Curves

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 Fig. 2.9

Factors that Shift Supply Schedules

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 Fig. 2.10

Two Sources of Seasonal Variation

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 Fig. 2.11

The Effect of Soybean Price

Supports on the Equilibrium Price

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 Fig. 2.12

Graphs of Equations 2.1 and 2.2

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 Fig. 2.13

A Tax of T=11 Levied on the Seller

Shifts the Supply Schedule…

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 Fig. 2.14

Equilibrium Prices and Quantities

When a Tax of T=10 is Levied…

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 Fig. 2.15

The Effect of a Tax of T=10 Levied

on the Buyer

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 Fig. 2.16

Equilibrium Prices and Quantities

after Imposition of a Tax…

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 Fig. 2.17

A Tax on the Buyer Leads to the

Same Outcome as a Tax…

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