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Demand/Supply/Market

QuestionAnswer
quantity of a good that consumers are willing and able to buy per period relates inversely, or negatively, to the price, other things constant law of demand
When the price of a good falls, that good becomes cheaper compared to other goods so consumers tend to substitute that good for other goods Substitution effect of a price change
A fall in the price of a good increases consumers' real income, making consumers more able to purchase goods; for a normal good, the quantity demanded increases Income effect of a price change
goods, such as coke and pepsi, that relate in sch a way that an increase in the price of one shifts the demand for the other rightward substitutes
goods such as milk and cookies, that relate in such a way that an increase in the price of one shifts the demand for the other leftward complements
movement of a demand curve right or left resulting from a change in one of the determinants of demand other than the price of the good shift of a demand curve
the amount of a good that producers are willing and able to sell per period is usually directly related to its price, other things constant law of supply
resources used to produce the good in question relevant resources
other goods that use some or all of the same resources as the good in question alternative goods
movement of a supply curve left or right resulting from a change in one of the determinants of supply other than the price of the good shift of a supply curve
to have an impact, a _________ ________ must be set above the equilibrium price price floor
to have an impact, a _________ ________ must be set below the equilibrium price price ceiling
Created by: HoneyyBear
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