Term Limits

Seth Bennett Micro Application Paper #2 "Government Proposes a Ban on Two Antibiotics Used in Poultry" The New York Times, October 29, 2000 ECONOMIC PRINCIPLE: Demand- The Factors That Can Shift Demand & The Impact of an Increase or Decrease in Demand on Equilibrium Price (Pe) and Quantity (Qe) A change in demand will cause equilibrium price and output to change in the same direction. A decrease in demand will cause a reduction in the equilibrium price and quantity …

…will shift to the right. For example, if the price of Pepsi rises, the demand curve for Coke shifts to the right. In regard to complements, if the price of a complement increases, the demand curve for the original good will shift to the left. If McDonalds raises the price of its Big Mac, the demand for french fries shifts to the left because fewer people walk in the door to buy the Big Mac.