Microeconomics Chapter 4 Study Guide

A decrease in demand is represented by

In a market economy

in a market economy, supply and demand are important because they

a group of buyers and sellers of a particular good or service is called a

a likely example of a complementary goods for most people would be

The forces that make market economies work are

"other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded is referred to as

a competitive market is a marker in which

a CPA recently has come to expect higher prices for expert tax advice in the near future. we would expect

a monopoly is a market with one

Does a change in the price in a market result in a shift of the demand curve or in a movement along the demand curve

a group of buyers and sellers of a particular good or service is called a

a decrease in quantity supplied

a markets equilibrium is the point at which the supply and demand curves intersect

if income rises in the market for a normal good, will the demand curve for the normal good shift to the right or to the left?

a decrease in supply is represented by

a movement upward and to the left along a given demand curve is called a decrease in demand.

a decrease in the number of sellers in the market causes

a reduction in an input price will cause a change in quantity supplied but not a change in supply

according to the law of demand, when price increases the quantity demanded of a good