Econ. Unit II Supply And Demand

As price goes up, quantity goes up

Minimum price set by gov't which is above market equilibrium refers to a:

If "A" is a normal good and aggregate income is decreasing...

An example of an inferior good is:

A change in the quantity demanded would be caused by

The concepts of supply and demand can also be used to determine people’s wages

An example of substitute good is:

Small change in price results in large change in quantity demanded=

A change in Qd would be caused by a change in:

Utility refers to:

A change in supply could be caused by