MicroEco Ch. 3 Matching
| Change in Quantity Supplied |
| Movement from one point to another on a fixed supply curve. |
| Good that can be used in place of another good |
| Good that is used together with another good |
| Sets the maximum legal price a seller may charge for a product or service. |
| Change in Quantity Demanded |
| Movement from one point to another point, from one price-quanity combination to another- on a fixed demand curve |
| Points connected into a smooth curve |
| Determinations of Demands |
| Factors that can/do affect purchases |
| Minimum price fixed by the government |
| As price rises, the quantity supplied rises; as price falls, the quantity supplied falls |
| Lower price increase the purchasing power of a buyer's money income, enabling the buyer to purchase more of the product than before |
0:00
