University of London Supply and Dance Man Bobby Video Discussion

Watch the video “Supply and Dance, Man!” (Links to an external site.)

• Answer the questions listed below.
  • What is the definition of a market?
  • What is a market force?
  • How does the consumer interest in the canes start?
  • What makes the price go up initially?
  • What is Kristen and Jonathan’s motivation for ordering more canes?
  • What are the factors that cause the price of the canes to continue to go up?
  • What causes the surplus?
  • How does the surplus affect the cost of the canes?
  • What are the factors that cause the price of the canes to continue to go down?
  • What is equilibrium?