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# Chapter 4: Markets in Action

LEARNING OBJECTIVES
The steps to achieve the learning objectives include reading sections from your textbook and the
causation chain game, which is available directly on the Tucker web site. The steps also include
references to Ask the Instructor Video Clips, the Graphing Workshop available through
CourseMate on the Tucker website.
#1 - Understand how an increase or decrease in the demand curve or supply curve changes the
equilibrium price and quantity.
Step 1

this section, you should be able to use a graph and describe changes in market
equilibrium.

Step 2

Watch the Graphing Workshop See It! tutorial titled Market Equilibrium. Study how
changes in the demand curve and supply curve affect the equilibrium prices and quantity
of milk.

Step 3

Create a new graph at the Graphing Workshop Try It! exercise titled Market
Equilibrium. This exercise illustrates how a change in the demand curve or supply curve
establishes a new market equilibrium price and quantity.

Step 4

Play the Causation Chains Game titled The Effect of Shifts in Demand on Market
Equilibrium.

Step 5

Play the Causation Chains Game titled The Effects of Shifts in Supply on Market
Equilibrium.

Step 6

Listen to the Ask the Instructor Video Clip titled What Factors Affect the Auction
Price of Your House? You will learn demand and supply factors that affect the price of a
house.

Step 7

Listen to the Ask the Instructor Video Clip titled Why Do Some Prices Adjust More
Slowly? You will learn how equilibrium prices adjust in the market for stocks and
nurses.

The Result

By following these steps, you have learned that the equilibrium price and quantity change
as a result of shifts in either the demand or supply curves.

#2 - Explain the impact of a price ceiling and a price floor set in a market by the government.

Step 1

Read the section in your textbook titled Can the Law of Supply and Demand Be
Repealed? After reading this section, you should be able to use a graph and describe the
effects of a price ceiling or a price floor.

Step 2

Read the Graphing Workshop Grasp It! tutorial titled Price Controls. This exercise
uses a slider bar to demonstrate the impact of rent controls (price ceiling) and the
minimum wage (price floor).

Step 3

Create a new graph at the Graphing Workshop Try It! exercise titled Price Controls.
This exercise illustrates the impact of price controls on the market for gasoline.

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Step 4

Step 5

## Play the Causation Chains Game titled The Minimum Wage.

Step 6

Listen to the Ask the Instructor Video Clip titled Do the Terms Shortage and
Scarcity Mean the Same Thing? You will learn that price controls cause shortages.

The Result

By following these steps, you have learned that a price ceiling or a price floor set by
government can cause a shortage or surplus to persist in the market.

#3 - Describe what is meant by market failure and how government attempts to correct market
failure.
Step 1

should be able to explain different types of market failure.

Step 2

Read the Graphing Workshop Grasp It! exercise titled Externalities. This exercise
uses a slider bar to demonstrate the concept of negative and positive externalities.

Step 3

Create a new graph at the Graphing Workshop Try It! exercise titled Externalities.
This exercise illustrates the market for gasoline and the impact of air pollution.

Step 4

Listen to the Ask the Instructor Video Clip titled How Does Government Affect the
Economy? You will learn how pollution and solutions to pollution affect the
equilibrium and quantity of a good.

Step 5

Listen to the Ask the Instructor Video Clip titled What Does Barbed Wire Have to
Do with Externalities? You will learn to use the concept of externalities to explain the
conflict between ranchers and farmers.

Step 6

Listen to the Ask the Instructor Video Clip titled What Is the Meaning of Public
Goods? You will learn the difference between public and private goods.

Step 7

Listen to the Ask the Instructor Video Clip titled How Do Educational Vouchers
Relate to Market Structure? You will learn how vouchers can be used for school
choice..

The Result

By following the steps above, you have learned that external costs and benefits cause an
overallocation or underallocation of resources.

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