Supply and Demand Practice

Jacob Clifford provides a fast-paced review of supply and demand concepts, focusing on practical application rather than teaching the basics. The video covers the law of demand and supply, market equilibrium, and the effects of price changes on quantity demanded and supplied. It includes practice scenarios to test understanding, emphasizing the importance of graphing shifts and changes in equilibrium. The video is designed for students already familiar with the concepts, offering a quick refresher and practice opportunity.

Explain the concept of equilibrium in the context of supply and demand.

What are the five shifters of demand and how do they affect the demand curve?

How do complementary goods affect each other's demand?

What does it mean when the price is indeterminate in a double shift scenario?