Changes in Number of Firms or Production Capacity as Causes for Supply Curve Shifts

The Role of the 1845 Poor Wheat Harvest in the 1848 European Revolutions

Modeling Technological Improvement as a Rightward and Downward Shift in the Supply Curve

Identifying an Economic Disruption

In the context of the economic model for the global market for coffee beans, which of the following events represents an exogenous shock to the supply side?

Analyzing a Government Policy Intervention

In a standard model of the market for a specific agricultural crop, a change in the quantity supplied by farmers in direct response to a recent increase in the market price for that crop is an example of an exogenous shock.

Consider the market for new gasoline-powered cars. Match each economic event described below with its correct classification based on how it would be represented in a standard supply and demand model for this market.

Analyzing a Technological Disruption in the Smartphone Market

Analyzing the Source of a Market Disruption

Evaluating Competing Market Shocks

In the economic model for the market for new smartphones, a major, unforeseen breakthrough in battery technology by a third-party research lab that dramatically lowers the cost of production for all manufacturers would be classified as a(n) ________ shock.

Consider a standard supply and demand model for the global coffee bean market. An unforeseen and severe frost suddenly destroys a significant portion of the crop in a major coffee-producing country. Arrange the following economic events in the logical sequence that would follow this initial event.

Demand Shock

Supply Shock

Using Exogenous Shocks to Analyze Equilibrium Changes

Supply-Side Equilibrium as a Baseline for Analysis