econ exam 7
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The Law of Demand states that as the price of a good increases, ceteris paribus , the ___ decreases. This can be shown graphically with ____ demand curve or numerically in a table using a ____.
quantity demanded, a downward-sloping, demand schedule
The relationship that exists between these two variables can be described as
Which of the following is not one of the five major factors that shifts the demand curve when it changes?
The price of the good itself
When one of the five major factors changes, causing an increase in demand, the demand curve shifts
The Law of Supply states that as the price of a good increases, ceteris paribus , the ____ of that good increases.
The firm's supply curve represents ___________.
the minimum price the seller is willing to accept to sell an extra unit of a good.
- In the context of the firm's supply curve, as the firm produces more of a good, the cost of producing each additional unit ____.
- - This implies that the marginal cost of producing a good___ as it makes more of that good.
- increase , increase
Which of the following is not one of the four major factors that shifts the supply curve when it changes?
The income consumers
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