quantity at which equilibrium occurs.
  • equilibrium
  • equilibrium quantity
  • equilibrium price
  • surplus (excess supply)
two goods are complements if a decrease in the price of one good causes an increase in the demand for the other.
  • substitutes in production
  • complements in production
  • complements in consumption
  • substitutes in consumption
Two goods are substitutes in production when an increase in the price of one of these goods results in greater production of this good and reduced production of the other good.
  • complements in consumption
  • complements in production
  • substitutes in production
  • substitutes in consumption
quantity demanded = quantity supplied
  • quantity demanded
  • equilibrium
  • equilibrium price
  • equilibrium quantity
two goods are substitutes if a decrease in the price of one good causes a decrease in demand for the other.
  • substitutes in production
  • complements in production
  • substitutes in consumption
  • complements in consumption
how much suppliers are willing to supply at any given price. It is a graphical representation of supply schedule which slopes upward.
  • supply
  • demand
  • surplus (excess supply)
  • quantity supplied
a good is normal if a decrease in income causes a decrease in demand for the good.
  • quantity demanded
  • shortage (excess demand)
  • inferior good
  • normal good
is the price where quantity demanded equals quantity supplied.
  • quantity demanded
  • equilibrium price
  • quantity supplied
  • equilibrium quantity
the amount demanded at a given price depends on the price of the good.
  • equilibrium price
  • quantity demanded
  • quantity supplied
  • substitutes in consumption
Two goods are complements in production when an increase in the price of one of these goods results in greater production of both goods.
  • complements in production
  • complements in consumption
  • substitutes in production
  • substitutes in consumption
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