mnwormmmmmm. ' ' A THE MARKET FORCES or 509er mu DEMAND
' ' ' 8 mm in ill! of steel Will shift the supply of automobiles to the
right. - '
I 9 when mpg 0f K in below the equilibrium price, it causes a surplus-
} 10' The WPPIY We is the horizo
E 1. If the quantity demanded of a good issensitive w admit! the p:
I that good, demand is said to be price /s e;
? _T 2. Using the midpoint method to calculate. elasticit , if
d of pencils from 10 cents to 20 cents redness the
1,000 pencils to 500 penc
CNN! 1 TIN PRINCIPLE! Q! GNOME!
Choose a denition for each key term.
i Opportunity cost
_I_71, Marginal change
L Market economy
L Property rights
_ "Invisible hand"
3 Market failure
I o Externality