big money
A relation between the price of a good and the quantity that consumers are willing and able to buy per periord.
Demand
true or false:
consumer demand and consumer wants are the same.
false
true or false:
a relation between the price of a good and the quantity that proders are willing and able to sell per period.
true
true or false:
real income is measured by the goods and services it can buy.
true
when the price of a good fails, 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 good, such as used clothes, for which demand decreases, or shifts leftward, as consumer income rises.
inferior good
change in quantity supplied resulting from a change in the price of the good.
movement along a supply curve.
name 2 things that shift a demand curve.
1. the money income of consumers.
2. the price of other goods.
3. consumer expectations
4.the number of consumers
5. consumer taste.
true or false:
demanders receive the price and suppliers have to pay the price for a market.
FALSE!