Economics 2150A/B Study Guide - Midterm Guide: Pepperoni, Economic Equilibrium, Demand Curve

• School: Western University
• Department: Economics
• Course: Economics 2150A/B
• Professor: Emilie Rivers

Document Summary

File: ch02, chapter 2: supply and demand analysis. Multiple choice: a relationship that shows the quantity of goods that consumers are willing to buy at different prices is the, elasticity, market demand curve, market supply curve, market equilibrium. Lo: 1 that price and quantity demanded are inversely related. that price and quantity demanded are inversely related, holding all other factors that demand for a good comes from the desire of buyers to directly consume the. The law of demand states : that influence demand fixed. good itself. an increase in demand results in an increase in price. When the price of pepperoni rises, the demand for pizza falls. When the weather gets hotter, the quantity demanded of ice cream rises. When the price of lemons falls, the demand for lemonade rises. When the price of eggs rises, the quantity demanded of eggs falls.