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Econ 101

Chapter 4

QuestionAnswerQuestionAnswer
Quantity Demanded The amount of a good that buyers are willing and able to purchase. Complements Two goods for which an incrase in the price of one leads to a decrease in the demand for the other. EX: Gas and cars; Peanut Butter and Jelly.
Law of Demand The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises. Quantity Supplied amount of a good that sellers are willing and able to sell
Demand Schedule a table that shows the relationship between the price of the good and the quantity demanded law of supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
Demand Curve A graph of the relationship between the price of a good and the quantity demanded. supply schedule table that shows the relationship btw the price of a good and the quantity supplied
Normal Good A good for which, other things equal, an incrase in income leads to an increase in demand. supply curve a graph of the relationship between the price of a good and the quantity supplied
Equilibrium a situation in which the market price has reached the level at which qunatity supplied equals quantity demanded equilibrium price the price that balances quantity supplied and quantity demanded
equilibrium quantity the quantity supplied and the quantity demanded at the equilibrium price surplus a situation in which quantity supplied is greater than quantity demanded
Shortage a situation in which quantity demanded is greater than quantity supplied law of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and quantity demanded for that good into balance
Market A group of buyers and sellers of a particular good or service. Inferior Good A good for which, other things equal, an increase in income leads to a decrease in demand. EX: As your income falls, you are less likely to buy a car or cab, and instead take the bus.
Competitive Market A market in which there are many buyers and many sellers so that each has a negligible impact on the market price. Ex: IceCream Sales. Substitues Two goods for which an increase in the price of one leads to an increase in the demand for the other EX:Frozen yogurt and ice cream.
Created by: aborrill