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CAS EC 101 Chapter Notes - Chapter 4: Peanut Butter, Economic Equilibrium, Inferior Good

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marooncrab512
5 May 2015
School
Boston University
Department
Economics
Course
CAS EC 101
Professor
All

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CAS EC 101 Full Course Notes
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Document Summary

The following is a demand schedule of an ice-cream cone: a demand curve is the visual representation through a graph of the relationship between the price of a good and the quantity demanded. The market demand for ice-cream cones: an increase in demand results in a shift to the right of a demand curve, a decrease in demand results in a shift to the left of a demand curve. Increase or decrease of demand occurs when a determinant of demand other than price changes: Changes in tastes and fashion can alter the demand of a good or service. Changes in expectations of the future can alter the demand of a good or. The supply schedule of ice-cream cones: a supply curve is a visual representation through a graph of the relationship between the price of a good and the quantity supplied.

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Related Questions

1. In a competitive market, the quantity of a product produced and the price of the product are determined by

a. buyers.

b. sellers.

c. both buyers and sellers.

d. None of the above is correct.

 

2. Which of the following statements is correct?

a. Buyers determine supply and sellers determine demand.

b. Buyers determine demand and sellers determine supply.

c. Buyers determine both demand and supply

d. Sellers determine both demand and supply

 

3. The demand for a good or service is determined by

a. those who buy the good or service

b. the government.

c. those who sell the good or service.

d. both those who buy and those who sell the good or service.

 

4. An increase in supply is represented by

a. a movement downward and to the left along a supply curve.

b. a movement upward and to the right along a supply curve.

c. a rightward shift of a supply curve.

d. a leftward shift of a supply curve

1. Markets and competition In a perfectly competitive market, all producers sell (perfectly identical/different) goods or services. Additionally, there are (few,many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price (takers,makers)

True or False: The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.

Which of the following characteristics does not apply to perfectly competitive markets?
 
a. Companies can enter and exit the market easily
b. Sellers in the market are price-takers
c. The number of buyers and sellers is small
d. Buyers and sellers have complete information about the identical products of all