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Economics 1021A/B Lecture Notes - Demand Curve, Opportunity Cost, Marginal Cost

31 views4 pages
24 Apr 2012
School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Michael Parkin

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Document Summary

Market any arrangement that enables buyers and sellers to get information. Competitive market a market that has many buyers and many sellers so no single buyer or seller can influence the price. Money price the amount of money needed to buy it. Relative price the ratio of its money price to the money price of the next best alternative good its opportunity cost. If you demand something, then you : want it, can afford it (could buy it if you chose to, have made a definite price to buy it. Quantity demanded the amount of a good that consumers play to buy during a particular time period. Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded; and. The lower the price of a good, the larger is the quantity demanded. Results from substitution effect, and the income effect.

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Related Questions

20) The law of demand states that, other things remaining the same, A) price and quantity supplied are positively related. B) the higher the price of a good, the smaller is the quantity demanded. C) as income increases, willingness to pay for the last unit increases. D) the higher the price of a good, the greater is the quantity demanded. E) the higher the price of a good, the smaller is the quantity supplied.

The law of demand says that the lower the price of good, other things constant is?

a) the smaller demand for that good.

b) the larger demand for that good.

c) the smaller the quantity demanded that good.

d) the larger the quantity demanded that good.

e) the smaller the real income of consumers and the lower the quantity demanded that good.

The law of demand states that, all else constant, 41) A) the higher the price of a good, the greater is the quantity demanded. B) the higher the price of a good, the smaller is the quantity demanded. C) the higher the price of a good, the smaller is the quantity supplied. D) price and quantity supplied are positively related. E) as income increases, willingness to pay for the last unit increases.