Chapter 4 - Supply and Demand

An example of 2 substitute goods are...

As price increases...

When there are changes in factors beyond price influencing a buyer's buying behavior...

The point at which supply and demand meet is called...

The x-axis of a market model represents:

An example of 2 complement goods are...

The supply curve represents a _______________ relationship between price and quantity.

An increase in price will cause an increase in Quantity Supplied

The demand curve represents a _______________ relationship between price and quantity.

A good that is usually used in replacement of another good

An increase in the number of sellers will shift the demand curve.

A good that has demand that increases when income decreases is?

If price is set above the equilibrium point then we have a market _____________.

Which of the following will cause a shift in the Supply curve?

A graph that shows possible prices and their respective quantities supplied is?

Advances in Technology cause a rightward shift in the supply curve

An common example of a inferior good for lunch would be...

A good that is usually used in tandem with another good

As price increases...

A good that has demand that increases when income increases is?

If price is set below the equilibrium point then we have a market _____________.

The y-axis of a market model is?

Which of the following factors could cause a leftward shift in a demand curve?

Demand for a good that has a positive relationship with a change in the price of a similar good is...

"The lower the price, the higher quantity demanded. The higher the price, the lower quantity demanded."

A table that shows possible prices and their respective quantities demanded is?

"The lower the price, the lower quantity supplied. The higher the price, the higher quantity supplied."

A movement along the demand curve is a result of a change in...