we introduced in the Choice in a World of Scarcity chapter was the first.) Just as it would be foolish to try to learn the

arithmetic of long division by memorizing every possible combination of numbers that can be divided by each other,

it would be foolish to try to memorize every specific example of demand and supply in this chapter, this textbook, or

this course. Demand and supply is not primarily a list of examples. It is a model to analyze prices and quantities.

Even though demand and supply diagrams have many labels, they are fundamentally the same in their logic. Your

goal should be to understand the underlying model so you can use it to analyze anymarket.

Figure 4.9 displays a generic demand and supply curve. The horizontal axis shows the different measures of

quantity: a quantity of a good or service, or a quantity of labor for a given job, or a quantity of financial capital. The
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