ECON 2105 Lecture Notes - Lecture 3: Demand Curve, Inferior Good, Normal Good

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coralguinea-pig410

10 Jul 2018

School

University of Georgia

Department

Economics

Course

ECON 2105

Professor

Mc White

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Document Summary

Chapter 4: the market forces of supply and demand. A group of buyers and sellers of a particular good or service. Many buyers and many sellers, each has a negligible impact on market price. Buyers and sellers are so numerous that no one can affect the market price, price takers . Amount of a good that buyers are willing and able to purchase. When the price of a good rises, the quantity demanded of the goods falls. When the price falls, the quantity demanded rises. Sum of all individual demands for a good or service. Market demand curve: sum the individual demand curves horizontally. To find the total quantity demanded at any price, we add the individual quanities. Shows how price affects quantity demanded, other things being equal. These other things are non-price determinants of demand. Things that determine buyers" demand for a good, other than the good"s price. Changes in them shift the d curve.

Related Questions

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

ceruleanseal203

In a perfectly competitive market, all producers sell _________ (perfectly identical/different) goods or services. Additionally, there are ______ (few / many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price _____ (takers/makers).

orchidrabbit535

1. Markets and competition In a perfectly competitive market, all producers sell (perfectly identical/different) goods or services. Additionally, there are (few,many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price (takers,makers)

True or False: The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.

ECON 2105 Lecture Notes - Lecture 3: Demand Curve, Inferior Good, Normal Good

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