A Market Cannot Exist:

in economics the word curve is typically used to refer to

Almost any graphic representation of the relationship between to variables

In most markets, the blank are determined by the interactions of numerous buyers and sellers

Prices

Three main reasons why demand curves are downward - sloping are

The substitute effect
diminishing marginal utility
the income effect

A graphical representation of the relationship between the price of a good, service, or resource and the quantity that individuals and firms are willing and able to buy, all else held constant, describes the demand

curve

Due to the inverse relationship between the price of a good and the quantity demanded for the good, we expect that the demand curve is

downward sloping

The blank demand represents the horizontal summation of individual demand curves

market

Markets, such as market as swap meets or garage sales are blank markets

informal

For normal goods,

A decrease in income decreases demand
A increase in income increases demand

In a "market," prices and quantities traded are determined mostly by:

The interaction of buyers and sellers in a market

Suppose you have $30 to spend on tacos each week. When the price of tacos increases from $2.00 to $3, the purchasing power falls from 15 tacos per week to 10 tacos per week. The decrease in the quantity of tacos demanded illustrates the blank effect

income

For inferior goods,

Increases in income, decrease in demand
Decrease in income, increase in demand

Which of the following will shift the demand of hamburgers

A change in the price of submarine sandwiches, a substitute
A change in the price of french fries, a compliment

The blank effect is the effect that a change in the price of one good, service, or resource has on the demand for another

substitution

The law of demand states that

As the price of a good, service, or resource rises, the quantity demanded will fall, all else held constant

Any place where, or mechanism by which buyers and sellers interact to trade goods, services, or resources is a _____

Market

A market cannot exist :

without individuals and firms that are willing and able to buy a good.

The demand schedule represents the relationship between the price of a good, service or resource

and the quantity that individuals and firms are willing and able to buy, all else held constant, in table form

Which of the following are non-price determinants of demand?

The price of complementary goods
The price of substitute goods

If there is a change in a non- price determinant of demand for a good:

The demand curve shifts

a tangible product that consumers, firms or governments wish to purchase is a:

good

A intangible product or action that consumers, firms, or governments wish to purchase is a:

service

The price of a blank of a good is one of the non-price determinants of its demand

complement

A good for which the relationship between the demand for the good and income is a blank good

normal

two different ways in which we usually express information about the demand for a good, service or resource

Demand curve
Demand schedule

Blank are similar goods, services, or resources that can take the place of another good

Substitues

When eating pizza, you value the first, second, third and forth slices of pizza at $10, $7, $5, and $3 respectively. The decrease in the value you place on each additional slice is called diminishing marginal

utility

If the price of pepsi decreases, all else held constant, then we'd expect to see a consequent shift of the demand curve for

coke to the left

In moving along a demand curve, which of the following is not held constant

the price of the product for which the demand curve is relevant

A decrease in the demand for recreational fishing boats might be caused by

a decrease in the number of sports fishers

In understanding a analyzing demand, we focus on how much of a product the buyers are

willing and able to buy at different prices

Suppose that goods A and B are close substitutes. If the price of good A decreases, then we would expect an

Increase in the quantity of A demanded and decrease in the demand for B

Prices usually allocate resources efficiently because they allocate

resources to the highest value of good or service

If the price of gasoline increases significantly, then we'd expect the demand curve for large trucks and SUVs to

shift to the left.