Managerial Economics Chapter 8: Understanding markets and industry changes.

The amount of a product that cosumers want to purchase at a particular price is called the __________, and an inverse relationship between the product price and the quantity demanded of the product is called _________.

A leftward shift in the demand curve of x implies that consumers purchase ____ of x at each and every price.

Demand curve (image)

Supply curve (image)

A rightward shift in the demand curve of x implies that the demand for x _______.

The market demand curve ______ shift when there is a change in the price of the good.

Some factors that may cause a shift in the demand curve for an item are:

Other things being equal, if consumers' income increases, the market demand for a normal good _________ and its demand curve shifts to the __________.

Other things being equal, if consumers' preference change, and they find product x less valuable, the demand for x _________ and its demand curve shifts to the ______.

X and Y are complementary for consumption. If the price of Y rises, the demand for X _____ and its demand curve shifts to the ________.

X and Y are substitutes for consumption. If the price of T rises, the demand for x _________ and its demand curve shifts to the _________.

Other things being equal, if consumers expect future prices of X to be lower, current demand for X ______ and its demand curve shifts to the _________.

All other things being equal, if the price of a product alone rises, there will be a movement ________ its supply curve.

A leftward shift in the supply curve of
Y implies that the supply of Y _______.

A rightward shift in the supply curve of Y implies that sellers (producers) supply ________ of Y at each and every price.

Other things being equal, if the price of key inputs in the production of x increases, the supply of x _______ ans its supply curve shifts to the ________.

Other things being equal, if sellers expect future price of X to be lower, the current supply of X ______ and its supply curve shifts to the _____.

Consider the market for x. If the demand alone increases (demand curve shifts rightward), the market equilibrium price will __________ and the market equilibrium quantity will _________.

Consider the market for X. IF the supply alone decreases (supply curve shifts leftward), the market equilibrium price will _________ and the market equilibrium quantity will ________.

If the market for Y experiences an increase in demand, equilibrium price will _____ and equilibrium quantity will ________.

Other things being equal, if the market for x experiences a decrease in supply, equilibrium price would _____ and equilibrium quantity would ______.

Consider the market for X. If both supply and demand increase (both supply and demand curves shift rightward), the market equilibrium price _________, and the market equilibrium quantity _________.

Consider the market for X. If both supply and demand decrease (both supply and demand curvs shift leftward), the market equilibrium price _________, and the market equilibrium quantity ________.

Consider the market for X. If the supply increases while the demand decreases (supply curve shifts rightward, demand curve shifts leftward), the market equilibrium price _______ and the market equilibrium quantity _________.