Supply and Demand: AP Macroeconomics Questions And Answers
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Course
AP Macroeconomics
Institution
AP Macroeconomics
Supply and Demand: AP Macroeconomics
Questions And Answers
change in demand a shift of the demand curve, which changes the quantity demanded at
any given price.
movement along the demand curve change in the quantity demanded of a good that is the
result of a change in that good's price.
sub...
Supply and Demand: AP Macroeconomics
Questions And Answers
change in demand a shift of the demand curve, which changes the quantity demanded at
any given price.
movement along the demand curve change in the quantity demanded of a good that is the
result of a change in that good's price.
substitues if a rise in the price of one of the goods lead go an increase in the demand for
the other good.
complements if a rise in the price of one goods leads to a decrease in the demand for the
other good.
normal good when s rise in income increases the demand for a good, it's a _____
inferior good when the rise in income decreases, it's a _____
, Supply and Demand: AP Macroeconomics
Questions And Answers
individual demand curve illustrates the relationship between quantity demanded and price
for an individual consumer.
quantity supplied actual amount of a good or service producers are willing to sell at some
specific price.
supply schedule shows how much of a good or service producers will supply at different
prices.
supply curve shows the relationship between quantity supplied and price.
law of supply the price of a good or service increases, all other factors being equal, the
quantity of goods or services offered by suppliers increases.
change in supply a shift of the supply curve, which changes the quantity supplied at any
given price.
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