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MicroEcon

MicroEcon Fundamentals

QuestionAnswer
Demand Demand refers to the different combinations of price and quantities, where the quantities (or quantity demanded) depend on the price that is being charged for the good. For example, at a price of $5 for a can of soda, the quantity demanded (or amount) tha
Law of Demand For example, at a price of $5 for a can of soda, the quantity demanded (or amount) that people are willing and able to buy will be low...alternatively at a price of $1, the quantity demanded will be very high. Describes the downward slope of the demand
Change in supply vs Change in quantity supplied So if price changes, this will lead to a change in quantity demanded (Qd). This is shown by moving from one point on the demand curve to another.But other things besides the price of the soda can affect the quantity or amount of soda that people are buyin
Created by: kembap
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