Econ 23 Sep - demanded of a good falls as the price of good...

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Markets Market= group of buyer and sellers There are 4 types of market structure: 1. Perfect competition 2. Monopoly 3. Oligopoly 4. Monopolistic competition Demand -Quantity demanded (QD): the amount that people willing to buy The variables that influence how much buyers want to buy are: 1- Price 2- Income - Normal and inferior goods 3_ Price of other goods - Substitutes and complement 4- Testes 5. Expectations- Christmas or vacation Demand - Law of demand: other things equal ( ceteris paribus), the quantity
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Unformatted text preview: demanded of a good falls as the price of good rises Demand schedule P .05/ .10 / .25 / .20 / .25 Q 1000/ Market demand: the sum of individual demands Shifts in demand ( changes in demand ) are caused by changes in anything other than price. Movement along the demand curve (changing in quantity demanded ) is causes by a charge in price If demanded increases, the curve shifts out if demand decreases, the curve shift in....
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This note was uploaded on 01/27/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Winter '08 term at McMaster University.

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