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Exploring Microeconomics
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Chapter 5 / Exercise 9
Exploring Microeconomics
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R EVIEW EVIEW Q Q UESTIONS UESTIONS FOR FOR T T EST EST 1 1 GECON 200: S PRING , 2012 M ICROECONOMICS ICROECONOMICS 1. What factors determine the amount demanded of some good, service, or asset? How will the amount demanded change in response to an increase in each of these factors? What is the difference between a complementary good and a substitute good?
2. How do we derive a two-dimensional demand curve from this (multi-dimensional) relationship? What does ceteris paribus mean, and what does it have to do with the derivation of the demand curve?
3.
4. What is the Law of Demand ? What explains the Law of Demand? Is the Law of Demand a theoretical law or an empirical law? Explain.
5. Distinguish between a change in demand and a change in quantity demanded . What causes a change in quantity demanded? What causes a change in demand?
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Exploring Microeconomics
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Chapter 5 / Exercise 9
Exploring Microeconomics
Sexton
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