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Demand - Fill-in-the-Blank

Creada por

Zachary Foust
Zachary Foust
Estados Unidos

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Module 5Versión en línea

Demand - Fill-in-the-Blank

por Zachary Foust
1

many market demand price model supply and

A is a group of producers and consumers who exchange a good or service for a payment .

A competitive market is one in which there are buyers and sellers of the same good or service .

The key feature of a competitive market is that no individual's actions have a noticeable effect on the at which the good or service is sold .

When a market is competitive its behavior is well desribed by the .

2

switch specific demanded downward less demand quantity price quantity curve law of schedule quality

A demand is a table that shows how much of a good or service consumers will want to buy at different prices .

A demand schedule assumes that the of the product does not change .

As the price of a good or service rises , the falls .

Quantity demanded is the actual amount of a good or service that consumers are willing and able to buy at some price .

The demand is a visual representation of the demand schedule .

The y - axis of the graph shows the of each unit of the good or service .

The x - axis of the graph shows the of the good or service .

The demand curve slopes , which reflects the general proposition that a higher price reduces the quantity demanded .

When the price of a product is relatively high , some people buy the product often or to alternatives .

The says that a higher price for a good or service leads people to demand a smaller quantity of that good or service .

3

distinction curve not shift price shifted price

Changes in factors other than generate a new demand schedule .

A new demand schedule corresponds with a new demand .

A change in demand is represented by a of the demand curve .

It is crucial to make the between changes in demand and movements along the demand curve .

Movements along the demand curve are caused by changes in the of the product .

When economists talk about a " change in demand , " they mean that the demand curve has .

A " change in demand " is caused by a change in the price .

4

normal Complements increases decreases increases increases decreases decreases decreases increases increases tastes decreases leftward decreases decreases preferences increases Substitutes shift rightward expectations increases market inferior

An increase in demand means a shift of the demand curve .

A decrease in demand means a shift of the demand curve .

There are five principal factors that the demand curve for a good or service : changes in the prices of related goods or services , changes in income , changes in tastes , changes in expectations , and changes in the number of consumers .

are usually goods that in some way serve a similar function .

When the price of a substitute rises , the demand for the original good .

When the price of a substitute falls , the demand for the original good .

are usually consumed together .

When the price of a complement falls , the demand for the original good .

When the price of a complement rises , the demand for the original good .

Goods for which demand increases when income rises are known as goods .

When income rises , the demand for a normal good .

When income falls , the demand for a normal good .

Goods for which demand decreases when income rises are known as goods .

When income falls , the demand for an inferior good .

When income rises , the demand for an inferior good .

Economists usually lump together changes in demand due to fads , beliefs , cultural shifts , and so on under the heading of changes in , or .

When tastes change in favor of a good , the demand for the good .

When tastes change against a good , the demand for the good .

The current demand for a good is often affected by about its future price .

When the price is expected to rise in the future , the demand for the good today .

When the price is expected to fall in the future , the demand for the good today .

The demand curve shows the combined quantity demanded by all consumers .

When the number of consumers rises , the demand for the good .

When the number of consumers falls , the market demand for the good .

 
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