Ch 3 Individual Markets: Demand And Supply

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Review for ch 3 McConnell and Brue 15 ed.

  
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1.  Demand is the amount of a good or service that a buyer will purchase at a particular price.
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B.
2.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
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B.
3.  If the demand for a product increases and the supply of the product decreases, the equilibrium price will increase and the equilibrium quantity will be indeterminant.
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B.
4.  An increase in the prices of other goods that could be made by the producers will tend to decrease the supply of the current good that the producer is making.
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B.
5.  If the market price of a product is below its equilibrium price, the market price will will tend to rise because demand will decrease and supply will increase.
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B.
6.  A change in the quantity demanded means that there has been a change in demand.
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B.
7.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
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B.
8.  If the supply of a product increases and the demand decreases, the equilibrium price and quantity will increase.
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B.
9.  If price falls, there will be an increase in demand.
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B.
10.  An increase in income will tend to increase the demand for a product.
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B.
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