Shifts vs. Movement along the Line
Law of Demand
As the price of a given product increases, the
quantity demanded of that product decreases,
all else held constant (ceteris paribus)
That is, price and quantity demanded are
inversely related - movin
Here is the answer to the Try it on your own at the end of the Trade PPF Example:
The reason we use tables and graphs so much in economics is because it is a faster way for
people to get numerical information. We can read much more in a short table or gra
Supply & Demand Worksheet: The Basics
Demand - the ability and willingness to pay for an item.
Law of Demand - as the price goes up, quantity demanded goes down, OR as the price goes
down, quantity demanded goes up, which shows an inverse relationship bet
Econ 201A Midterm Exam Spring 2016
The study of economics
A. is a very narrow endeavor.
B. is a way of analyzing decision-making processes caused by scarcity.
C. focuses on how a business should function.
D. is concerned with proving that ca