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Principles of Microeconomics + DiscoverEcon code card

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CH 3 Questions Class 1. State the law of demand and explain why is the other-things-equal assumption critical to it? 2. Give three explanations for the law of demand: 3. Distinguish between the meaning of the expressions “change in demand” and “change in quantity demanded.” 4. Last year a government official proposed that gasoline price controls be imposed to protect the poor from rising gasoline prices. What evidence could you consult to discover whether this proposal was enacted. 5..Differentiate between a normal (superior) and an inferior good. 6. Explain how the prices of related goods also affect demand. 7 What is the difference between a change in supply and a change in quantity supplied? 8. What will happen to the equilibrium price and quantity of beef if the price of chicken-feed increases? 9. Newspaper item: “Due to lower grain prices, consumers can expect retail prices of choice beef to begin dropping slightly this spring with pork becoming cheaper
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