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AK_Chapter_04 - Chapter 4 Questions for Review 1 2 3 Each...

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Chapter 4 Questions for Review 1. Each buyer and seller has a negligible impact on the market price. Other types: monopoly, oligopoly, monopolistic competition. 2. Price of the good + income, prices of related goods, tastes, expectations, number of buyers. 3. Demand schedule = table of a relationship between the price of a good and the quantity demanded. Demand curve = downward-sloping line relating price and quantity demanded. Demand curve = simply a graph showing the demand schedule. The demand curve slopes downward = the law of demand. 4. A shift. A movement along the curve. 5. Inferior. Shifts out (increase in demand). 6. Price of the good + input prices, technology, expectations, number of sellers. 7. A supply schedule = a table of a relationship between the price of a good and the quantity supplied. A supply curve = the upward-sloping line relating price and quantity supplied. The supply curve = a graph of a supply schedule. The law of supply.
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