ECON 110 ZIRLOTT CERTIFICATION
PAPER 2026 PRECISE SOLUTIONS
GRADED A+
◉ Supply Schedule. Answer: a table that shows the relationship
between the price of a good and the quantity supplied
◉ Demand. Answer: a set of various quantities demanded (QD) at
corresponding prices. (the curve itself)
◉ Quantity Demanded (QD):. Answer: the amount of the good that
buyers are willing and able to purchase at specific price (the point on
demand curve)
◉ How do you create a market demand curve. Answer: The quantity
demanded in the market is the sum of the quantities demanded by
all buyers at each price (having more than one individual demand)
◉ What is the Law of Demand. Answer: the claim that the quantity
demanded of a good falls when the price of the good rises, other
things equal
◉ Difference between moving along a demand curve and shifting a
demand curve.. Answer: Movement along a demand curve: a change
, in price of the good changes QD and results in a movement along the
D curve
Shifting a demand curve: things that determine buyers' demand for a
good, other than the good's price (non-price determinants) (shift
right=increase; shift left=decrease)
◉ Difference between "Change in Demand" and "Change in Quantity
Demanded".. Answer: Change in Demand: a shift in the D curve
occurs when a non-price determinant of demand changes (income or
# of buyers)
Change in Quantity Demanded: a movement along a fixed D curve
occurs when P changes
◉ What causes a movement along the demand curve. Answer:
PRICE!!!
◉ What causes a shift of the demand curve. Answer: -# of buyers
-Income
-Price of related goods
-Tastes
-Expectations
◉ Normal Good. Answer: positively related to income (increase in
income will shift D curve to the right)
PAPER 2026 PRECISE SOLUTIONS
GRADED A+
◉ Supply Schedule. Answer: a table that shows the relationship
between the price of a good and the quantity supplied
◉ Demand. Answer: a set of various quantities demanded (QD) at
corresponding prices. (the curve itself)
◉ Quantity Demanded (QD):. Answer: the amount of the good that
buyers are willing and able to purchase at specific price (the point on
demand curve)
◉ How do you create a market demand curve. Answer: The quantity
demanded in the market is the sum of the quantities demanded by
all buyers at each price (having more than one individual demand)
◉ What is the Law of Demand. Answer: the claim that the quantity
demanded of a good falls when the price of the good rises, other
things equal
◉ Difference between moving along a demand curve and shifting a
demand curve.. Answer: Movement along a demand curve: a change
, in price of the good changes QD and results in a movement along the
D curve
Shifting a demand curve: things that determine buyers' demand for a
good, other than the good's price (non-price determinants) (shift
right=increase; shift left=decrease)
◉ Difference between "Change in Demand" and "Change in Quantity
Demanded".. Answer: Change in Demand: a shift in the D curve
occurs when a non-price determinant of demand changes (income or
# of buyers)
Change in Quantity Demanded: a movement along a fixed D curve
occurs when P changes
◉ What causes a movement along the demand curve. Answer:
PRICE!!!
◉ What causes a shift of the demand curve. Answer: -# of buyers
-Income
-Price of related goods
-Tastes
-Expectations
◉ Normal Good. Answer: positively related to income (increase in
income will shift D curve to the right)
