studyguide for ch3

studyguide for ch3 - Study guide for Chapter 3: 1. Describe...

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Study guide for Chapter 3: 1. Describe the characteristics that define a market. 2. Use a demand schedule and a demand curve to demonstrate the law of demand. 3. Explain the difference between a change in demand (shift of the curve) and a change in quantity demanded (movement along the curve). 4. List the variables that will lead to a change in demand, and give examples of each. 5. Use a supply schedule and a supply curve to demonstrate the law of supply. 6. Explain the difference between a change in supply (shift of the curve) and a change in quantity supplied (movement along the curve). 7. List the variables that will lead to a change in supply, and give examples of each. 8. Define the notion of equilibrium. 9. Explain how equilibrium price and quantity are determined in a competitive market. 10. Explain what will happen in a competitive market after a shift in the supply curve, the demand curve, or both. 11.
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studyguide for ch3 - Study guide for Chapter 3: 1. Describe...

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