about future conditions and prices. Factors that can shift the supply curve for goods and services, causing a

different quantity to be supplied at any given price, include input prices, natural conditions, changes in
technology, and government taxes, regulations, or subsidies.

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

When using the supply and demand framework to think about how an event will affect the equilibrium price

and quantity, proceed through four steps: (1) sketch a supply and demand diagram to think about what the

market looked like before the event; (2) decide whether the event will affect supply or demand; (3) decide

whether the effect on supply or demand is negative or positive, and draw the appropriate shifted supply or

demand curve; (4) compare the new equilibrium price and quantity to the original ones.

3.4 Price Ceilings and Price Floors
{"uploaded_via": "batch_uploader", "title": "Principles of Microeconomics 3e", "batch_upload": true, "file_type": ".pdf", "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_name": "Microeconomics3e.pdf", "creator": "PDFMiner", "moddate": "2022-12-07T14:23:05-06:00", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "total_pages": 597, "producer": "Prince 14.2 (www.princexml.com)", "upload_timestamp": "2026-02-07T15:24:38.309401", "creationdate": "2022-12-07T14:15:44-06:00", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "file_size_mb": 26.99}