ECON 1000 Study Guide - Takers, Perfect Competition, Demand Curve
Document Summary
In a market economy: demand is determined by supply. b. supply is determined by demand, price is determined by quantity, quantity is determined by price, either a or b are correct, depending on the product. Which of the following would not be a determinant of demand? the price of related goods a. b. income: tastes d. Ans: d the prices of the inputs used to produce the good. The amount of the good buyers are willing and able to purchase is the: demand, quantity supplied, quantity demanded. d. supply. Suppose that a decrease in the price of x results in less of good y sold. This would mean that x and y complementary goods. are a: normal goods. c. inferior goods. d. substitute goods. You hear on the news that 50 % of the peanut crop in the south has been wiped out, which will cause the price to double by the end of the year.
