however, usually the case. (Credit: modification of "Old Farmers' Market" by NatalieMaynor/Flickr, CC BY 2.0)

CHAPTER OBJECTIVES

In this chapter, you will learn about:

• Demand, Supply, and Equilibrium in Markets for Goods and Services

• Shifts in Demand and Supply for Goods and Services

• Changes in Equilibrium Price and Quantity: The Four-Step Process

• Price Ceilings and Price Floors

Introduction to Demand and Supply

BRING IT HOME

Why Can We Not Get Enough of Organic Foods?
Organic food is increasingly popular, not just in the United States, but worldwide. At one time, consumers had to go

to specialty stores or farmers' markets to find organic produce. Now it is available in most grocery stores. In short,
48 3 • Demand and Supply

organic has become part of the mainstream.

Ever wonder why organic food costs more than conventional food? Why, say, does an organic Fuji apple cost $2.75 a
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