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ECON-200 Lecture Notes - Lecture 4: Demand Curve

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School
Diablo Valley College
Department
Economics
Course
ECON-200
Professor
Sorce

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Document Summary

A change in demand refers to a shift in the d curve which occurs when a non-price determinant of demand changes (like income or number of buyers). Two types of change in demand: an increase ( ) in demand occurs when the d curve shifts to the right. A decrease ( ) in demand when the d curve shifts to the left. Why: the price of ipods falls, the price of music downloads falls, the price of cds falls. Note: in each case, there are only three possible answers: The curve does not shift (though there may be a movement along the curve) The quantity supplied (qs) of any good is the amount that sellers are willing and able to sell. Law of supply is the claim that there is a positive or direct relationship between quantity supplied and price (p), other things equal: quantity supplied falls as price falls, other things constant.

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Related Questions

 
When quantity demanded decreases in response to a change in price: 
 
(i) the demand curve shifts to the right.
(ii) the demand curve shifts to the left.
(iii) there is a movement down along the demand curve.
(iv) there is a movement up along the demand curve.
(v) the supply curve shifts to the right.
When a hurricane rips through Florida, the price of oranges rises because the

a. demand curve shifts to the left.

b. demand curve shifts to the right.

c. supply curve shifts to the left.

d. supply and demand curves both shift to the left.

One reason that the quantity demanded of a good increase when its price falls is that the:

A) Price decline shifts the supply curve to the left.

B) lower price shifts the demand curve to the left.

C) lower price shifts the demand curve to the right.

D) lower price increases the real income of buyers, enabling them to buy more.