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

2. 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?

3. 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.