macrochapter4 - Rikki Norton CHAPTER 4 1. What is the...

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Rikki Norton CHAPTER 4 1. What is the difference between a “change in demand” and a “change in quantity demanded?” A change in demand is usually because of economic reasons, personal taste, or more identical products on the market where as change in quantity demanded is usually because of a price change for that product or service. 2. For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand. a. a change in the price of related goods Change in demand b. a change in tastes Change in demand c. a change in the number of buyers Change in demand d. a change in price Change in Quantity demanded e. a change in consumer expectations Change in demand f. a change in income Change in demand 3. What is the difference between a “change in supply” and a “change in quantity supplied?” A change in supply is usually because of the producer, the producer can only produce as much as he has supplies for, a change in quantity supplied is usually based on
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macrochapter4 - Rikki Norton CHAPTER 4 1. What is the...

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