Principles of Economics¶
Mankiw, N. G. (2021). Principles of Economics.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Supply
- A shift in the supply curve — as opposed to a movement along it — occurs when something other than price changes: input costs, technology, the prices of related goods in production, taxes or subsidies, or the number of producers in the market.
This sourceA principles textbook whose 'Variables That Shift the Supply Curve' table names input prices, technology, expectations and the number of sellers as the shifters, distinguished from a movement along the curve.
Supported in partVerified against a saved copy of the source
“along the supply curve Input prices Shifts the supply curve Technology Shifts the supply curve Expectations”
- A shift in the supply curve — as opposed to a movement along it — occurs when something other than price changes: input costs, technology, the prices of related goods in production, taxes or subsidies, or the number of producers in the market.
Mechanisms¶
- Price Cap or Floor
- A binding ceiling produces shortage — the textbook result: hold price below the market-clearing level and demand outruns supply, so the good is rationed by queue, luck, or connections instead of price.
This sourceExplains that a binding price ceiling below equilibrium creates a shortage and shifts allocation from price to nonprice rationing mechanisms such as queues or seller discretion.
- A binding ceiling produces shortage — the textbook result: hold price below the market-clearing level and demand outruns supply, so the good is rationed by queue, luck, or connections instead of price.
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