Supply and Demand Model in Competitive Markets

If the price of a substitute good rises, what is likely to happen to the demand for the original good?

What happens to the demand for a good if the price of a complementary good falls?

What does an increase in population generally lead to in terms of demand?

Which of these is NOT an important demand shifter according to the text?

What happens to the demand curve if there is an increase in income for a normal good?

For which type of goods does a fall in income lead to an increase in demand?

What happens to the demand for normal goods when income increases?

How do changes in preferences and tastes affect the demand for a good?

What effect does an expectation of a future rise in price of a good have on current demand?

How does an increase in population affect the demand for a good?

What does market demand refer to?

What does a supply curve show?

How do improvements in technology affect the supply curve?

What do sellers do if there is excess supply or a surplus in the market?

What are the three steps to analyzing changes in equilibrium?

What happens when there is excess demand or shortage in the market?

How does an expectation of a future rise in price of a good affect the demand today?

What happens to the supply curve if there is an increase in the number of producers of a good?

What happens to the equilibrium price and quantity when the demand curve shifts to the right?

What is the effect on supply if there is a decrease in the price of an input?

How do changes in preferences and tastes affect the demand for a good?

What happens to sales this year if prices for houses are expected to increase next year?

What happens to the demand for a good if the price of a complementary good falls?

What do changes in tastes affect in terms of demand for a good?

What happens to the demand for a good if there is an increase in income?

What happens to the market equilibrium if both supply and demand increase?

What happens to the demand for a good if there is an expectation of a future rise in price?

What happens to the market equilibrium if supply decreases and demand increases?

What happens to the demand for an inferior good when income increases?

How do changes in tastes and preferences affect the demand for a good?

What causes a supply curve to shift left?

What does market demand refer to?

What is the effect on supply if there are substitutes in production processes?

What happens to equilibrium price and quantity when both supply and demand curve shift right?

What causes a decrease in profits and discourages supply?

What happens to sales this year if prices for houses are expected to decrease next year?

What is the effect on supply if there are complements in production processes?

What happens to the demand for a good if consumers expect a future decrease in price?

How do changes in technology affect the supply curve?

What does an increase in population generally lead to in terms of demand?

What happens to the equilibrium price and quantity when the supply curve shifts to the left and the demand curve shifts to the right?

What happens to sellers if there is excess demand or a shortage in the market?

What causes a supply curve to shift left?

What happens to individual demand curves when summed horizontally?

How do changes in preferences and tastes affect the demand for a good?

What happens to sales if prices for houses are expected to increase next year?

What does market demand refer to?

How do changes in income affect normal goods?