# In order to derive a market demand curve from

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In order to derive a market demand curve from individuals’ demand curves, we add up the various individuals’ quantities demand at each price . 28. If product Y is an inferior good, a decrease in consumer incomes will shif the demand curve for product Y to the right . 29. In understanding and analyzing “market demand,” we focus on how much all buyers are willing and able to buy at different prices . 30. The concept of a market is a location where buyers and sellers meet to negotiate prices and determine quantities traded . 31. When economist speak of “demand” in a particular market, they refer to the whole demand curve or schedule . 32. When the price of a product increases, consumers shift their purchases to other products whose prices are now relatively lower. The statement describes the substitution effect 33. Economists use the term “demand” to refer to a schedule of various combinations of market prices and quantities demanded . .
34. In understanding and analyzing “demand,” we focus on how much of a product the buyers are willing and able to buy at different prices . 35. Which of the following scenarios would likely shift the supply of cars to the left (decrease in supply)?
36. Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price. Instructions: Enter your answers as a whole number. a. In the table, complete the column labeled “Market.” b. How many pounds of peaches will be supplied to the market when the price is \$6 per pound?
37. Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?