ECON 1BB3 Notes – January 17 , 2013 th
Law of Demand: Other things equal (ceteris paribus), the quantity demanded of a
good falls as the price of the good rises.
Market Demand: The sum of individual demands.
- Shifts in demand (Change in demand_ are caused by a chance in anything other
- Movement along the demand curve (change in quantity demanded) is a caused by a
change in price)
If demand increases, the curve shifts OUT (---)
If demand decreases, the curve shifts IN (---)
What will happen to Wal-Mart’s everyday low prices if their workers
Quantity Supplied (Q^s): The amount of a good that sellers a