22 | Economic Surplus
India's Price Ceiling on Uber Rides Hurts Riders, Drivers and the Economy
Recent regulatory blowback against Uber, Lyft and other ridesharing services around the world have reignited the ongoing regulatory policy debate surrounding the ride service in India, Uber’s second biggest market in terms of cities where it operates.
In this video, we’ll review equilibrium in the adjustment process, showing that the equilibrium price is the only stable price. Then we’ll take a look at equilibrium quantity, where quantity demanded is equal to quantity supplied, and how this plays out in a free market economy that seeks to maximize gains from trade.
NewEcon Practice: Supply and Demand
This tool from Marginal Revolution University will ask students 10 questions about whether an event causes a shift in the demand curve or a shift in the supply curve. This tool is perfect for learning supply and demand, or for reviewing if you've already covered the topic!