GENERAL RULES

We analyzed above the-impact of demand and supply shifts in competitive markets. These findings apply to virtually any competitive market, whether it is for codfish, brown coal, Douglas fir, Japanese yen, IBM stock, or petroleum. Are there any general rules? The propositions that follow investigate the impact of shifts in supply or demand upon the price and quantity bought and sold. Remember always that by a shift in demand or supply we mean a shift in . the demand or supply .curve or schedule, not a movement along the curve.

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