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MicroEco Ch. 3

Microeconomics Chapter 3 Demand, Supply, & Market Equilibrium

Demand Schedule or curve that hows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time
Law of Demand Inverse relationship: Price falls, quantity demanded rises. Price rises, quantity demanded falls
Diminishing Marginal Utility in any specific time period, each buyer of a product will derive less satisfaction from each successive unit of the product consumed
Income Effect Lower price increase the purchasing power of a buyer's money income, enabling the buyer to purchase more of the product than before
Substitution effect Lower price buyers have the incentive to substitute what is now a less expensive product for other products that are now relatively more expensive
Demand Curve Points connected into a smooth curve
Determinations of Demands Factors that can/do affect purchases
Normal Goods Products whose demand varies directly with money income
Inferior Goods Goods whose demand varies inversely with money income
Substitute Good Good that can be used in place of another good
Complementary Good Good that is used together with another good
Change in Demand Shift of the demand curve to the right or left
Change in Quantity Demanded Movement from one point to another point, from one price-quanity combination to another- on a fixed demand curve
Supply Schedule/curve showing the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period
Law of Supply As price rises, the quantity supplied rises; as price falls, the quantity supplied falls
Supply Curve Corresponds with the price-quantity supplied data. Upward slope reflects the law of supply.
Determinants of Supply Resource prices, technology, taxes and subsidies, prices of other goods, producer expectations, number of sellers in the market.
Change in Supply Change in the schedule and a shift of the curve.
Change in Quantity Supplied Movement from one point to another on a fixed supply curve.
Equilibrium Price Price where the intentions of buyers and sellers match
Equilibrium Quantity Quantity at which the intentions of buyers and sellers match, so that the quantity demanded and the quantity supplied are equal
Productive Efficiency The production of any particular good in the least costly way
Allocative Efficiency The particular mix of goods and services most highly valued by society
Price Ceiling Sets the maximum legal price a seller may charge for a product or service.
Price Floor Minimum price fixed by the government
Created by: ginganinjaem



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