PHIL 105 Chapter Notes - Chapter 3: Ceteris Paribus, Demand Curve, Economic Equilibrium
17 Apr 2014
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Reading: chapter 3 macroeconomics/ragan & lipsey - 14th edition. The total amount that consumers ____________________ to purchase at certain prices in some ____________________ is called the quantity demanded of a. _________________, as opposed to a stock. a product. Quantity bought (or exchanged) refers to _____________ purchases. A flow variable is measured over an _____________ of time. Therefore a flow would be measured per unit of time (say a year). On the other hand, a stock variable is measured at one _____________ time, and represents a quantity existing at that point in time which may have accumulated in the past. A basic hypothesis is that ceteris paribus the price of a product and the quantity demanded are ____________________ related. A: to restrict considerations of other influential factors to qd, except its own price. A: additional benefits gained as a result of consuming the next unit of a good.
