DEMAND & SUPPLY ONQ 10 QUESTIONS DID THE Jo’s GET THEIR NOTES???

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Presentation transcript:

DEMAND & SUPPLY ONQ 10 QUESTIONS DID THE Jo’s GET THEIR NOTES???

DEFINE MICROECONOMICS. THIS IS A GRAPH SHOWING QUANTITY DEMANDED AT EACH PRICE IN THE MARKET. WHEN PRICE GOES DOWN, QUANTITY DEMANDED GOES UP. THIS ILLUSTRATES: A MARKET DEMAND CURVE SHOWS THE QUANTITY DEMANDED OF ___________. A CURVE CAN ONLY SHIFT IN WHICH DIRECTIONS?

6. ELASTICITY MEANS…... 7. IF THE PRICE OF A GOOD RISES AND YOU STILL BUY IT WHAT KIND OF DEMAND DO YOU HAVE? 8. DEFINE TOTAL REVENUE. 9. HOW DOES SHORT RUN EFFECT SUPPLY? 10. A demand curve is accurate only as long as the _____ _____assumption is true.