Supply, Demand, and Equilibrium

15%-20% of AP Test

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Market Equilibrium
The basics of demand and supply, and what equilibrium is.

Determinants that cause the demand and supply curve to shift.

Price and quantity controls
Price ceilings and price floors.

Elasticity
Coefficient of elasticity and the total revenue test.
Per unit tax, dead-weight loss, consumer and producer surplus, tax revenue, producer net price and consumer price.