{"id":5140,"date":"2016-07-20T21:05:25","date_gmt":"2016-07-20T21:05:25","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&p=5140"},"modified":"2016-07-20T21:05:25","modified_gmt":"2016-07-20T21:05:25","slug":"reading-equilibrium-surplus-and-shortage","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/reading-equilibrium-surplus-and-shortage\/","title":{"raw":"Reading: Equilibrium, Surplus, and Shortage","rendered":"Reading: Equilibrium, Surplus, and Shortage"},"content":{"raw":"\"4388238588_cb46c70345_o\"<\/a>\n

Demand and Supply<\/h2>\nIn order to understand market equilibrium, we need to start with the laws of demand and supply. Recall that the law of demand says that as price decreases, consumers demand\u00a0a higher quantity. Similarly, the law of supply says that when price decreases, producers supply\u00a0a lower quantity.\n\nBecause the graphs for demand and supply curves both have price on the vertical axis and quantity on the horizontal axis, the demand curve and supply curve for a particular good or service can appear on the same graph. Together, demand and supply determine the price and the quantity that will be bought and sold in a market.\u00a0These relationships are shown as the demand and supply curves in Figure 1, which is based on the data in Table 1, below.\n\n[caption id=\"attachment_6508\" align=\"aligncenter\" width=\"450\"]\"TheFigure 1. Demand and Supply for Gasoline<\/strong>[\/caption]\n\nTable 1<\/strong><\/span>.<\/strong> <\/span>Price, Quantity Demanded, and Quantity Supplied\n
Price (per gallon)<\/th>\nQuantity demanded (millions of gallons)<\/th>\nQuantity supplied (millions of gallons)<\/th>\n<\/tr><\/thead>
$1.00<\/td>\n800<\/td>\n500<\/td>\n<\/tr>
$1.20<\/td>\n700<\/td>\n550<\/td>\n<\/tr>
$1.40<\/span><\/strong><\/td>\n600<\/span><\/strong><\/td>\n600<\/span><\/strong><\/td>\n<\/tr>
$1.60<\/td>\n550<\/td>\n640<\/td>\n<\/tr>
$1.80<\/td>\n500<\/td>\n680<\/td>\n<\/tr>
$2.00<\/td>\n460<\/td>\n700<\/td>\n<\/tr>
$2.20<\/td>\n420<\/td>\n720<\/td>\n<\/tr><\/tbody><\/table>\nIf you look at either Figure 1 or Table 1, you\u2019ll see that, at most prices, the amount that consumers want to buy (which we call quantity demanded) is different from the amount that producers want to sell (which we call quantity supplied). What does it mean when the quantity demanded and the quantity supplied aren't the same? Answer: a surplus or a shortage.\n

Surplus or Excess Supply<\/h2>\nLet's consider one scenario in which the amount that producers want to sell doesn't match the amount that consumers want to buy. Suppose that a market produces more<\/em> than the quantity demanded. Let's use our\u00a0example of the price of a gallon of gasoline.\u00a0Imagine that the price of a gallon of gasoline were $1.80 per gallon. This price is illustrated by the dashed horizontal line at the price of $1.80 per gallon in Figure 2, below.\n\n\u00a0\n\n[caption id=\"attachment_6509\" align=\"aligncenter\" width=\"450\"]\"TheFigure 2. Demand and Supply for Gasoline: Surplus<\/strong>[\/caption]\n\nAt this price, the quantity demanded is 500 gallons, and the quantity of gasoline supplied is 680 gallons. You can also find these numbers in Table 1, above. Now, compare quantity demanded and quantity supplied at this price. Quantity supplied (680) is greater than quantity demanded (500). Or, to put it in words, the amount that producers want to sell is greater than the amount that consumers want to buy. We call this a situation of excess supply<\/strong> (since Qs > Qd) or a surplus<\/strong>. Note that whenever we compare supply and demand, it\u2019s in the context of a specific price\u2014in this case, $1.80 per gallon.\n\nWith a surplus, gasoline accumulates at gas stations, in tanker trucks, in pipelines, and at oil refineries. This accumulation puts pressure on gasoline sellers. If a surplus remains unsold, those firms involved in making and selling gasoline are not receiving enough cash to pay their workers and cover their expenses. In this situation, some producers and sellers will want to cut prices, because it is better to sell at a lower price than not to sell at all. Once some sellers start cutting prices, others will follow to avoid losing sales. These price reductions will, in turn, stimulate a higher quantity demanded.\n\nHow far will the price fall? Whenever there is a surplus, the price will drop\u00a0until the surplus goes away. When the surplus is eliminated, the quantity supplied just equals the quantity demanded\u2014that is, the amount that producers want to sell exactly equals the amount that consumers want to buy. We call this equilibrium<\/strong>, which means \"balance.\" In this case, the equilibrium occurs at a price of $1.40 per gallon and at a quantity of 600 gallons. You can see this in Figure 2 (and Figure 1) where the supply and demand curves cross. You can also find\u00a0it in Table 1 (the numbers in bold<\/strong>).\n

Equilibrium: Where Supply and Demand Intersect<\/h2>\nWhen two lines on a diagram cross, this intersection usually means something. On a graph, the point where the supply curve (S) and the demand curve (D) intersect\u00a0is the equilibrium<\/strong>. The equilibrium price<\/strong> is the only price where the desires\u00a0of consumers and the desires\u00a0of producers agree\u2014that is, where the amount of the product that consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). This mutually desired\u00a0amount is called the equilibrium quantity<\/strong>. At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price.\n\nIf you have only the demand and supply schedules, and no\u00a0graph, you can\u00a0find the equilibrium by looking for the price level on the tables\u00a0where\u00a0the quantity demanded and the quantity supplied are equal (again, the numbers in bold<\/strong> in Table 1 indicate this point).\n
\n

Finding Equilibrium with Algebra<\/h3>\nWe\u2019ve just explained two ways of finding a market equilibrium: by looking at a table showing the quantity demanded and supplied at different prices, and by looking at a graph of demand and supply. We can also identify the equilibrium with a little algebra if we have equations for the supply and demand curves.\n\nLet's practice solving a few equations that you will see later in the course. Right now, we are only going to focus on the math. Later you'll learn why these models work the way they do, but let's start by focusing on solving the equations.\n\nSuppose that the demand for soda\u00a0is given by the following equation:\n

[latex]Qd=16\u20132P[\/latex]<\/p>\nwhere Qd is the amount of soda\u00a0that\u00a0consumers want to buy (i.e., quantity demanded), and P<\/em> is the price of soda.\n\nSuppose the supply of soda\u00a0is\n

[latex]Qs=2+5P[\/latex]<\/p>\nwhere Qs is the amount of t<\/em>\u00a0that\u00a0producers will supply (i.e., quantity supplied).\n\nFinally, suppose that the soda\u00a0market operates at a point where supply equals demand, or\n

[latex]Qd=Qs[\/latex]<\/p>\nWe now have a system of three equations and three unknowns (Qd, Qs, and P), which we can solve with algebra.\u00a0Since [latex]Qd=Qs[\/latex], we can set the demand and supply equation equal to each other:\n

[latex]\\begin{array}{c}\\,\\,Qd=Qs\\\\16-2P=2+5P\\end{array}[\/latex]<\/p>\nStep 1: Isolate the variable by adding 2P to both sides of the equation, and subtracting 2 from both sides.\n

[latex]\\begin{array}{l}\\,16-2P=2+5P\\\\-2+2P=-2+2P\\\\\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,14=7P\\end{array}[\/latex]<\/p>\n

Step 2: Simplify the equation by dividing both sides by 7.<\/p>\n

[latex]\\begin{array}{l}\\underline{14}=\\underline{7P}\\\\\\,\\,\\,7\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,7\\\\\\,\\,\\,\\,2=P\\end{array}[\/latex]<\/p>\nThe price of each soda\u00a0will be $2.\u00a0Now we want to understand the amount of soda\u00a0that consumers want to buy, or the\u00a0quantity demanded, at a price of $2.\n\nRemember, the formula for quantity demanded is the following:\n

[latex]Qd=16-2P[\/latex]<\/p>\nTaking the price of $2, and plugging it into the demand equation, we get\n

[latex]\\begin{array}{l}Qd=16\u20132(2)\\\\Qd=16\u20134\\\\Qd=12\\end{array}[\/latex]<\/p>\nSo, if the price is $2 each, consumers<\/em> will purchase 12. How much will producers supply, or what is the quantity supplied? Taking the price of $2, and plugging it into the equation for quantity supplied, we get the following:\n

[latex]\\begin{array}{l}Qs=2+5P\\\\Qs=2+5(2)\\\\Qs=2+10\\\\Qs=12\\end{array}[\/latex]<\/p>\nNow, if the price is $2 each, producers<\/em> will supply 12 sodas. This means that we did our math correctly, since [latex]Qd=Qs[\/latex] and both Qd and Qs are equal to 12.\n\n<\/div>\n

Shortage or Excess Demand<\/h2>\nLet\u2019s return to our gasoline problem. Suppose that the price is $1.20 per gallon, as the dashed horizontal line at this price in Figure 3, below,\u00a0shows. At this price, the quantity demanded is 700 gallons, and the quantity supplied is 550 gallons.\n\n[caption id=\"attachment_6510\" align=\"aligncenter\" width=\"450\"]\"TheFigure 3. Demand and Supply for Gasoline: Shortage<\/strong>[\/caption]\n\nQuantity supplied (550) is less than quantity demanded (700). Or, to put it in words, the amount that producers want to sell is less than the amount that consumers want to buy. We call this a situation of excess demand<\/strong> (since Qd > Qs) or a shortage<\/strong>.\n\nIn this situation, eager gasoline buyers mob the gas stations, only to find many stations running short of fuel. Oil companies and gas stations recognize that they have an opportunity to make higher profits by selling what gasoline they have at a higher price. These price increases will stimulate the quantity supplied and reduce the quantity demanded. As this occurs, the shortage will decrease. How far will the price rise? The price will rise until the shortage is eliminated and the quantity supplied equals quantity demanded. In other words, the market will be in equilibrium again. As before, the equilibrium occurs at a price of $1.40 per gallon and at a quantity of 600 gallons.\n\nGenerally any time the price for a good is below<\/em>\u00a0the equilibrium level, incentives built into the structure of demand and supply will create pressures for the price to rise. Similarly, any time the price for a good is above<\/em> the equilibrium level, similar pressures will generally\u00a0cause the price to fall. <\/span>\n\nAs you can see, the quantity supplied or quantity demanded in a free market will correct over time to restore balance, or equilibrium.\n

Equilibrium and Economic Efficiency<\/strong><\/h2>\nEquilibrium is important to create both a balanced market and an efficient market. If a market is at its equilibrium price and quantity, then it has no reason to move away from that point, because it\u2019s balancing the quantity supplied and the quantity demanded. However, if a market is not at equilibrium, then economic pressures arise to move the market toward the equilibrium price and equilibrium quantity. This happens either because there is more supply than what the market is demanding or because there is more demand than the market is supplying. \u00a0This balance is a natural function of a free-market economy.\n\nAlso,\u00a0a competitive market that is operating at equilibrium is an efficient market. Economist typically\u00a0define efficiency in this way: when it is impossible to improve the situation of one party without imposing a cost on another. Conversely, if a situation is inefficient, it becomes possible to benefit at least one party without imposing costs on others.\n\nEfficiency in the demand and supply model has the same basic meaning: The economy is getting as much benefit as possible from its scarce resources, and all the possible gains from trade have been achieved. In other words, the optimal amount of each good and service is being produced and consumed.\n\n[caption id=\"attachment_6511\" align=\"aligncenter\" width=\"450\"]\"The<\/a> Figure 4. Demand and Supply for Gasoline: Equilibrium<\/strong>[\/caption]","rendered":"

\"4388238588_cb46c70345_o\"<\/a><\/p>\n

Demand and Supply<\/h2>\n

In order to understand market equilibrium, we need to start with the laws of demand and supply. Recall that the law of demand says that as price decreases, consumers demand\u00a0a higher quantity. Similarly, the law of supply says that when price decreases, producers supply\u00a0a lower quantity.<\/p>\n

Because the graphs for demand and supply curves both have price on the vertical axis and quantity on the horizontal axis, the demand curve and supply curve for a particular good or service can appear on the same graph. Together, demand and supply determine the price and the quantity that will be bought and sold in a market.\u00a0These relationships are shown as the demand and supply curves in Figure 1, which is based on the data in Table 1, below.<\/p>\n

\"The<\/p>\n

Figure 1. Demand and Supply for Gasoline<\/strong><\/p>\n<\/div>\n

Table 1<\/strong><\/span>.<\/strong> <\/span>Price, Quantity Demanded, and Quantity Supplied<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Price (per gallon)<\/th>\nQuantity demanded (millions of gallons)<\/th>\nQuantity supplied (millions of gallons)<\/th>\n<\/tr>\n<\/thead>\n
$1.00<\/td>\n800<\/td>\n500<\/td>\n<\/tr>\n
$1.20<\/td>\n700<\/td>\n550<\/td>\n<\/tr>\n
$1.40<\/span><\/strong><\/td>\n600<\/span><\/strong><\/td>\n600<\/span><\/strong><\/td>\n<\/tr>\n
$1.60<\/td>\n550<\/td>\n640<\/td>\n<\/tr>\n
$1.80<\/td>\n500<\/td>\n680<\/td>\n<\/tr>\n
$2.00<\/td>\n460<\/td>\n700<\/td>\n<\/tr>\n
$2.20<\/td>\n420<\/td>\n720<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If you look at either Figure 1 or Table 1, you\u2019ll see that, at most prices, the amount that consumers want to buy (which we call quantity demanded) is different from the amount that producers want to sell (which we call quantity supplied). What does it mean when the quantity demanded and the quantity supplied aren’t the same? Answer: a surplus or a shortage.<\/p>\n

Surplus or Excess Supply<\/h2>\n

Let’s consider one scenario in which the amount that producers want to sell doesn’t match the amount that consumers want to buy. Suppose that a market produces more<\/em> than the quantity demanded. Let’s use our\u00a0example of the price of a gallon of gasoline.\u00a0Imagine that the price of a gallon of gasoline were $1.80 per gallon. This price is illustrated by the dashed horizontal line at the price of $1.80 per gallon in Figure 2, below.<\/p>\n

\u00a0<\/p>\n

\"The<\/p>\n

Figure 2. Demand and Supply for Gasoline: Surplus<\/strong><\/p>\n<\/div>\n

At this price, the quantity demanded is 500 gallons, and the quantity of gasoline supplied is 680 gallons. You can also find these numbers in Table 1, above. Now, compare quantity demanded and quantity supplied at this price. Quantity supplied (680) is greater than quantity demanded (500). Or, to put it in words, the amount that producers want to sell is greater than the amount that consumers want to buy. We call this a situation of excess supply<\/strong> (since Qs > Qd) or a surplus<\/strong>. Note that whenever we compare supply and demand, it\u2019s in the context of a specific price\u2014in this case, $1.80 per gallon.<\/p>\n

With a surplus, gasoline accumulates at gas stations, in tanker trucks, in pipelines, and at oil refineries. This accumulation puts pressure on gasoline sellers. If a surplus remains unsold, those firms involved in making and selling gasoline are not receiving enough cash to pay their workers and cover their expenses. In this situation, some producers and sellers will want to cut prices, because it is better to sell at a lower price than not to sell at all. Once some sellers start cutting prices, others will follow to avoid losing sales. These price reductions will, in turn, stimulate a higher quantity demanded.<\/p>\n

How far will the price fall? Whenever there is a surplus, the price will drop\u00a0until the surplus goes away. When the surplus is eliminated, the quantity supplied just equals the quantity demanded\u2014that is, the amount that producers want to sell exactly equals the amount that consumers want to buy. We call this equilibrium<\/strong>, which means “balance.” In this case, the equilibrium occurs at a price of $1.40 per gallon and at a quantity of 600 gallons. You can see this in Figure 2 (and Figure 1) where the supply and demand curves cross. You can also find\u00a0it in Table 1 (the numbers in bold<\/strong>).<\/p>\n

Equilibrium: Where Supply and Demand Intersect<\/h2>\n

When two lines on a diagram cross, this intersection usually means something. On a graph, the point where the supply curve (S) and the demand curve (D) intersect\u00a0is the equilibrium<\/strong>. The equilibrium price<\/strong> is the only price where the desires\u00a0of consumers and the desires\u00a0of producers agree\u2014that is, where the amount of the product that consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). This mutually desired\u00a0amount is called the equilibrium quantity<\/strong>. At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price.<\/p>\n

If you have only the demand and supply schedules, and no\u00a0graph, you can\u00a0find the equilibrium by looking for the price level on the tables\u00a0where\u00a0the quantity demanded and the quantity supplied are equal (again, the numbers in bold<\/strong> in Table 1 indicate this point).<\/p>\n

\n

Finding Equilibrium with Algebra<\/h3>\n

We\u2019ve just explained two ways of finding a market equilibrium: by looking at a table showing the quantity demanded and supplied at different prices, and by looking at a graph of demand and supply. We can also identify the equilibrium with a little algebra if we have equations for the supply and demand curves.<\/p>\n

Let’s practice solving a few equations that you will see later in the course. Right now, we are only going to focus on the math. Later you’ll learn why these models work the way they do, but let’s start by focusing on solving the equations.<\/p>\n

Suppose that the demand for soda\u00a0is given by the following equation:<\/p>\n

[latex]Qd=16\u20132P[\/latex]<\/p>\n

where Qd is the amount of soda\u00a0that\u00a0consumers want to buy (i.e., quantity demanded), and P<\/em> is the price of soda.<\/p>\n

Suppose the supply of soda\u00a0is<\/p>\n

[latex]Qs=2+5P[\/latex]<\/p>\n

where Qs is the amount of t<\/em>\u00a0that\u00a0producers will supply (i.e., quantity supplied).<\/p>\n

Finally, suppose that the soda\u00a0market operates at a point where supply equals demand, or<\/p>\n

[latex]Qd=Qs[\/latex]<\/p>\n

We now have a system of three equations and three unknowns (Qd, Qs, and P), which we can solve with algebra.\u00a0Since [latex]Qd=Qs[\/latex], we can set the demand and supply equation equal to each other:<\/p>\n

[latex]\\begin{array}{c}\\,\\,Qd=Qs\\\\16-2P=2+5P\\end{array}[\/latex]<\/p>\n

Step 1: Isolate the variable by adding 2P to both sides of the equation, and subtracting 2 from both sides.<\/p>\n

[latex]\\begin{array}{l}\\,16-2P=2+5P\\\\-2+2P=-2+2P\\\\\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,14=7P\\end{array}[\/latex]<\/p>\n

Step 2: Simplify the equation by dividing both sides by 7.<\/p>\n

[latex]\\begin{array}{l}\\underline{14}=\\underline{7P}\\\\\\,\\,\\,7\\,\\,\\,\\,\\,\\,\\,\\,\\,\\,7\\\\\\,\\,\\,\\,2=P\\end{array}[\/latex]<\/p>\n

The price of each soda\u00a0will be $2.\u00a0Now we want to understand the amount of soda\u00a0that consumers want to buy, or the\u00a0quantity demanded, at a price of $2.<\/p>\n

Remember, the formula for quantity demanded is the following:<\/p>\n

[latex]Qd=16-2P[\/latex]<\/p>\n

Taking the price of $2, and plugging it into the demand equation, we get<\/p>\n

[latex]\\begin{array}{l}Qd=16\u20132(2)\\\\Qd=16\u20134\\\\Qd=12\\end{array}[\/latex]<\/p>\n

So, if the price is $2 each, consumers<\/em> will purchase 12. How much will producers supply, or what is the quantity supplied? Taking the price of $2, and plugging it into the equation for quantity supplied, we get the following:<\/p>\n

[latex]\\begin{array}{l}Qs=2+5P\\\\Qs=2+5(2)\\\\Qs=2+10\\\\Qs=12\\end{array}[\/latex]<\/p>\n

Now, if the price is $2 each, producers<\/em> will supply 12 sodas. This means that we did our math correctly, since [latex]Qd=Qs[\/latex] and both Qd and Qs are equal to 12.<\/p>\n<\/div>\n

Shortage or Excess Demand<\/h2>\n

Let\u2019s return to our gasoline problem. Suppose that the price is $1.20 per gallon, as the dashed horizontal line at this price in Figure 3, below,\u00a0shows. At this price, the quantity demanded is 700 gallons, and the quantity supplied is 550 gallons.<\/p>\n

\"The<\/p>\n

Figure 3. Demand and Supply for Gasoline: Shortage<\/strong><\/p>\n<\/div>\n

Quantity supplied (550) is less than quantity demanded (700). Or, to put it in words, the amount that producers want to sell is less than the amount that consumers want to buy. We call this a situation of excess demand<\/strong> (since Qd > Qs) or a shortage<\/strong>.<\/p>\n

In this situation, eager gasoline buyers mob the gas stations, only to find many stations running short of fuel. Oil companies and gas stations recognize that they have an opportunity to make higher profits by selling what gasoline they have at a higher price. These price increases will stimulate the quantity supplied and reduce the quantity demanded. As this occurs, the shortage will decrease. How far will the price rise? The price will rise until the shortage is eliminated and the quantity supplied equals quantity demanded. In other words, the market will be in equilibrium again. As before, the equilibrium occurs at a price of $1.40 per gallon and at a quantity of 600 gallons.<\/p>\n

Generally any time the price for a good is below<\/em>\u00a0the equilibrium level, incentives built into the structure of demand and supply will create pressures for the price to rise. Similarly, any time the price for a good is above<\/em> the equilibrium level, similar pressures will generally\u00a0cause the price to fall. <\/span><\/p>\n

As you can see, the quantity supplied or quantity demanded in a free market will correct over time to restore balance, or equilibrium.<\/p>\n

Equilibrium and Economic Efficiency<\/strong><\/h2>\n

Equilibrium is important to create both a balanced market and an efficient market. If a market is at its equilibrium price and quantity, then it has no reason to move away from that point, because it\u2019s balancing the quantity supplied and the quantity demanded. However, if a market is not at equilibrium, then economic pressures arise to move the market toward the equilibrium price and equilibrium quantity. This happens either because there is more supply than what the market is demanding or because there is more demand than the market is supplying. \u00a0This balance is a natural function of a free-market economy.<\/p>\n

Also,\u00a0a competitive market that is operating at equilibrium is an efficient market. Economist typically\u00a0define efficiency in this way: when it is impossible to improve the situation of one party without imposing a cost on another. Conversely, if a situation is inefficient, it becomes possible to benefit at least one party without imposing costs on others.<\/p>\n

Efficiency in the demand and supply model has the same basic meaning: The economy is getting as much benefit as possible from its scarce resources, and all the possible gains from trade have been achieved. In other words, the optimal amount of each good and service is being produced and consumed.<\/p>\n

\"The<\/a><\/p>\n

Figure 4. Demand and Supply for Gasoline: Equilibrium<\/strong><\/p>\n<\/div>\n","protected":false},"author":18,"menu_order":20,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5140","chapter","type-chapter","status-publish","hentry"],"part":5087,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5140\/revisions"}],"predecessor-version":[{"id":5233,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5140\/revisions\/5233"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/5087"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5140\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=5140"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5140"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=5140"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=5140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}