Supply and demand curves express relationships between price and quantity. Equilibrium exists when supply equals demand. The shape of these curves and the equilibrium price affect small and large ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Demand for new houses over the past 50 years has generally shifted outward with rising incomes and an increasing population, though it has shifted inward during periods of recession. Supply for new ...