54

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

64

3.4 Price Ceilings and Price Floors

3.5 Demand, Supply, and Efficiency

70

74

Key Terms

78

Key Concepts and Summary

79

Self-Check Questions

80

Review Questions

81

Critical Thinking Questions
Problems

82

81

CHAPTER 4
Labor and Financial Markets
Introduction to Labor and Financial Markets

87

87
4.1 Demand and Supply at Work in Labor Markets

88

4.2 Demand and Supply in Financial Markets

96

4.3 The Market System as an Efficient Mechanism for Information

102

Key Terms

106

Key Concepts and Summary

106

Self-Check Questions

106

Review Questions

108

Critical Thinking Questions

108

Problems

109

CHAPTER 5
Elasticity
Introduction to Elasticity

111

111

5.1 Price Elasticity of Demand and Price Elasticity of Supply

112

5.2 Polar Cases of Elasticity and Constant Elasticity

117

5.3 Elasticity and Pricing

120

5.4 Elasticity in Areas Other Than Price

128

Key Terms

132
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