3.5.4 Moving Markets
Completion requirements
Shifting markets and moving markets are different responses to changes in demand or supply. Shifts in a market occur when a change occurs in the quantity demanded or quantity supplied, but price doesn't change
Movement in a market occurs when a change in the quantity demanded or the quantity supplied is caused by a change in price.
Movement in a market occurs when a change in the quantity demanded or the quantity supplied is caused by a change in price.
On the demand curve, changes occur in both price and quantity demanded, but the relationship between price and quantity remains the same. The mark-up per item paid by the consumer doesn't change.
On the supply curve, changes occur in both price and quantity supplied, but the relationship between price and quantity remains the same. The profit per item earned by the supplier doesn't change.
On the supply curve, changes occur in both price and quantity supplied, but the relationship between price and quantity remains the same. The profit per item earned by the supplier doesn't change.