ch 2 Flashcards
1
Q
indivdual demand is
A
quantity an individual is willing to purchase at each price
2
Q
what is individual demand determined by
A
marginal cost, cost-benefit, opportunity cost
3
Q
where do rational buyers buy
A
where price equals marginal benefit
4
Q
market demand is
A
sum of individuals demands at each price
5
Q
changes in price lead to
A
movements along demand curve
6
Q
changes in factors other than price lead to
A
shifts in the demand curve
