{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

studyguide for ch3

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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. Define the terms shortage and surplus and explain why they do not normally result from changes in demand or supply.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}