Assignment 2 Econ. 201

This assignment is based on chapter 3 (Demand, Supply, and Market equilibrium)

Mach the following definition with the concepts following them

1) A curve that shows how consumers are willing and able to buy at various prices

2) A curve or schedule that shows how much produces are willing to sell at different prices.

3) Other things equal, if the price goes up, quantity demanded decreases, and if the price goes

down, the quantity demanded increases.

4) Other thing equal, if the price increases quantity supplied increases, and if the price goes down

quantity supplied decreases.

5) A move on the demand curve

6) A move on the supply curve

7) A shift (upward or downward) in the demand curve

8) A Shift in the supply curve (upward or downward)

9) An upward shift in the demand curve

10) A downward shift in the demand curve

11) An upward shift in the supply curve

12) A downward shift in the supply curve

13) If the price of product A increases, the demand for product B increases, Then A and B are said to

be___

14) If the price of product A increases, the demand for product B decreases, then A and B are said to

be___

The law of demand, supply curve, the law of supply, demand curve, A and B are substitutes,

A and B are said to be complements , change in quantity supplied, change in quantity

demanded, change in supply, change in demand, an increase in demand, a decrease in

demand, an increase in supply, a decrease in supply

Determine whether the equilibrium price and equilibrium quantity will increase or decrease as a result

of the flowing changes.

15) Income increases

16) Technology improves