what happens when price changes demand
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if price of a good increases, quantity demanded decreases that causes a
movement down the curve but the curve doesn't shift
what happens when market price is above equilibrium price
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surplus
law of supply
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as the price rises, quantity supplied increases. POSITIVE RELATIONSHIP
law of demand
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as the price rises, quantity demanded falls. NEGATIVE RELATIONSHIP
households
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maximize satisfaction from consumption, the given price of goods,
services, and wages
positive economic statement
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addresses how world is and can be refuted with evidence. ex: selling
alcohol on Sundays in Oxford will increase profits for local restaurants
consumer surplus
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buyer's gains from trade. area below demand curve and above price
buyer's pay. lower market prices give buyers a larger consumer surplus
what happens when price changes supply
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if the price of good increases, quantity supplied increases and causes a
movement along supply curve but does not shift supply curve
how do the costs of production shift supply curves
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cost increase and supplies decrease.
law of increasing opportunity cost
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the opportunity costs of producing a good increases with more production
of that good
Give this one a try later!
if price of a good increases, quantity demanded decreases that causes a
movement down the curve but the curve doesn't shift
what happens when market price is above equilibrium price
Give this one a try later!
surplus
law of supply
,Give this one a try later!
as the price rises, quantity supplied increases. POSITIVE RELATIONSHIP
law of demand
Give this one a try later!
as the price rises, quantity demanded falls. NEGATIVE RELATIONSHIP
households
Give this one a try later!
maximize satisfaction from consumption, the given price of goods,
services, and wages
positive economic statement
Give this one a try later!
addresses how world is and can be refuted with evidence. ex: selling
alcohol on Sundays in Oxford will increase profits for local restaurants
consumer surplus
, Give this one a try later!
buyer's gains from trade. area below demand curve and above price
buyer's pay. lower market prices give buyers a larger consumer surplus
what happens when price changes supply
Give this one a try later!
if the price of good increases, quantity supplied increases and causes a
movement along supply curve but does not shift supply curve
how do the costs of production shift supply curves
Give this one a try later!
cost increase and supplies decrease.
law of increasing opportunity cost
Give this one a try later!
the opportunity costs of producing a good increases with more production
of that good
