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ECON 1000 Lecture Notes - Lecture 3: Takers, Normal Good, Inferior Good

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22 Sep 2020

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Document Summary

Econ week 3: market: a group of buyers and sellers of a particular good or service. Buyers: determine the demand for the product. Goods offered for sale are all exactly the same. Quantity demand: the amount of a good that buyers are willing and able to purchase. Law of demand: the claim that, other things equal, the quantity demanded for a good falls when the price of the good rises, and when the price falls, the quantity demanded rises. Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded. Demand curve: a graph of a relationship between the price of a good and the quantity demanded. The demand curve slopes downward because other things equal, a lower price means a greater quantity demand: market demand vs. Market demand: the sum of all the individual demands for a particular demand for a particular good or service: factors that shift the demand curve:

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Related Questions

A competitive market is one in which:

a. is only one seller, but many buyers.

b. are many sellers, and each has the ability to set the price of his product.

c. are many sellers and compete with one another in such a way that some sellers are always being forced out of the market.

d. are so many buyers and so many sellers that each has a negligible impact on the price of the product.

Markets explained on the basis of supply and demand:

A. assume many buyers and many sellers of a standardized product.

B. assume market power so that buyers and sellers bargain with one another.

C. does not exist in the real-world economy.

D. are approximated by markets in which a single seller determines the price.

1. In a competitive market, the quantity of a product produced and the price of the product are determined by

a. buyers.

b. sellers.

c. both buyers and sellers.

d. None of the above is correct.

2. Which of the following statements is correct?

a. Buyers determine supply and sellers determine demand.

b. Buyers determine demand and sellers determine supply.

c. Buyers determine both demand and supply

d. Sellers determine both demand and supply

3. The demand for a good or service is determined by

a. those who buy the good or service

b. the government.

c. those who sell the good or service.

d. both those who buy and those who sell the good or service.

4. An increase in supply is represented by

a. a movement downward and to the left along a supply curve.

b. a movement upward and to the right along a supply curve.

c. a rightward shift of a supply curve.

d. a leftward shift of a supply curve

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