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Objective Sheets Chapter 4 5 & 6

Objective Sheets Chapter 4 5 & 6 - Objective Sheets...

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Objective Sheets: 4, 5, & 6 Economics T-Th A. Ordonez Asch T. Hawthorn 809-195-3K1C 3/4/10 Chapter 4 Define the following: Quantity Demanded : The amount of a good or service that buyers are willing and able to purchase. Law of Demand : the law of demand state that, other things equal, the quantity demanded of a good or service falls when the price of the good or service rises. Law of Supply : states that, other things equal, the quantity supplied of a good or service rises when the price of the good or service rises. What is the competitive market? A market in which there are many buyers and sellers so that each has negligible impact on the market price. What determines the quantity of a good that buyers demand? Price and quantity determines this overall - however o Buyers determine demand o Sellers determine supply What are the demand schedule and the demand curve and how are they related? Why does the demand curve slope downward? Demand Curve: a graph that shows the relationship between the price of a good or service and the quantity demanded Demand Schedule: A table that shows the relationship between the price of a good or service and the quantity demanded. The schedule is used to graph the curve. The x-axis on the graph always shows quantity and the y-axis on the graph always shows the price .
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Objective Sheets: 4, 5, & 6 Economics T-Th A. Ordonez Asch T. Hawthorn 809-195-3K1C 3/4/10 Does a change in the consumers' tastes lead to a movement along the demand curve or a shift in the demand curve? Leads to movement along the demand curve Does a change in price lead to a movement along the demand curve or a shift in the demand curve?
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