ScienceEconomicsEcon 202 Ch 4 Q&A
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Econ 202 Ch 4 Q&A

Xeni Ramirez avatar Xeni Ramirez
28 October 2022
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question
Equilibrium price must decrease when demand
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decreases and supply does not change, when demand does not change and supply increases, and when demand decreases and supply increases simultaneously
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In a market economy, supply and demand determine
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both the quantity of each good produced and the price at which it was sold
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A demand schedule is a table that shows the relationship between
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price and quantity demanded
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A leftward shift of a supply curve is called
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decrease in supply
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A likely example of complementary goods for most people would be
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canoes and paddles
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A likely example of substitute goods for most people would be
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pens and pencils
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An example of a perfectly competitive market would be the market for
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soybeans
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A competitive market is one in which there
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are so many buyers and so many sellers that each has a negligible impact on the price of the product
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The forces that make market economies work are
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supply and demand
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A leftward shift of a demand curve is called
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decrease in demand