2 市场如何运行-讲义.pdf

Part II Supply and Demand: How Markets Work Contents 1. Demand and Supply in A Competitive Market 2. Market Equilibrium and Government Policies 3. Elasticity and Its Application 2-1 The Market Forces of Supply and Demand • What are markets and competition? • What factors affect buyers’ demand for goods? • What factors affect sellers’ supply of goods? How Markets Work Markets and Competition • Market: a group of buyers and sellers of a particular good or service. • Competitive market: a market with many buyers and sellers, each has a negligible effect on price. • In a perfectly competitive market (完全竞争市场): – All goods exactly the same – Buyers sellers so numerous that no one can affect market price – each is a “price taker (价格接受者)” – In the following we assume markets are perfectly competitive © 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password -protected website for classroom use. Demand d • The quantity demanded (Q ) of any good is the amount of the good that buyers are willing and able to purchase. • Law of demand (需求定理) – the claim that the quantity demanded of a good falls when the price of the good rises, other things equal • Example © 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password -protected website for classroom use.