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# Unit 2: Supply and Demand

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## About this unit

What are product markets? In this unit, you'll find out by focusing on the supply and demand model. How do changes in supply and demand create changes in market equilibrium? Power up your economics toolkit with the concepts of elasticity, surplus, and the impact of government policies.### Learn

### Practice

- Markets, property rights, and the law of demandGet 3 of 4 questions to level up!
- Demand and the determinants of demandGet 3 of 4 questions to level up!

### Learn

### Practice

- Supply and the law of supplyGet 3 of 4 questions to level up!
- Changes in the determinants of supplyGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 320 Mastery points

### Learn

### Practice

- Price Elasticity of Demand and its Determinants Get 3 of 4 questions to level up!
- Determinants of price elasticity and the total revenue ruleGet 3 of 4 questions to level up!

### Practice

- Income Elasticity of DemandGet 3 of 4 questions to level up!
- Cross-Price Elasticity of DemandGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 400 Mastery points

### Learn

### Practice

- Market equilibriumGet 3 of 4 questions to level up!
- Consumer and Producer Surplus and Allocative EfficiencyGet 3 of 4 questions to level up!

### Practice

- Changes in equilibriumGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 240 Mastery points

### Learn

### Practice

- Price and quantity controlsGet 3 of 4 questions to level up!
- The effect of government interventions on surplusGet 3 of 4 questions to level up!
- Tax Incidence and Deadweight LossGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 320 Mastery points

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Level up on all the skills in this unit and collect up to 1600 Mastery points!#### Unit test

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