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ECO 1102 Lecture Notes - Lecture 2: Demand Curve, Normal Good, Inferior Good

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27 Jan 2016

School

University of Ottawa

Department

Course

Professor

Octavian Strimbu

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ECO 1102 Full Course Notes

ECO 1102 Full Course Notes

Document Summary

Economist as scientist models irl: scientist: do research, policy advisors: work for the government, for the international institutions, and put the. Market: a group of buyers and sellers of a particular good or service. Competitive market: a market in which there are many buyers and many sellers so that each has a negligible impact on the market price. Each seller has limited control over the price because other sellers are offering similar products. Quantity demanded: the amount of a good that buyers are willing and able to purchase. Law of demand: the quantity demanded of a good falls when the price of the good rises. Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded. Demand curve: a graph of the relationship between the price of a good and the quantity demanded. Market demand: the sum of all the individual demands for a particular good or service.

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Principles of Economics

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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

ceruleanseal203

Markets explained on the basis of supply and demand:

A. assume many buyers and many sellers of a standardized product.

B. assume market power so that buyers and sellers bargain with one another.

C. does not exist in the real-world economy.

D. are approximated by markets in which a single seller determines the price.

Markets, viewed from the perspective of the supply and demand model:

A. assume many buyers and many sellers of a standardized product.

B. assume market power so that buyers and sellers bargain with one another.

C. do not exist in the real-world economy.

D. are approximated by markets in which a single seller determines the price.