Chapter 2 The Basics of Supply and Demand Supply and Demand >The Market Mechanism >Changes in Market Equilibrium >Elasticities of Supply and Demand >Short-Run versus Long-Run Elasticities >Effects of Government Intervention-Price Controls Chapter 2 The Basics of Supply and Demand ➢ Supply and Demand ➢ The Market Mechanism ➢ Changes in Market Equilibrium ➢ Elasticities of Supply and Demand ➢ Short-Run versus Long-Run Elasticities ➢ Effects of Government Intervention-Price Controls