Ch 3 Flashcards
a ____ curve shows quantity demanded at a range of prices, while quantity demanded is the quantity that buyers are willing and able to buy at a particular price
demand
the supply curve is a function that shows the _____ at various prices
quantity supplied
the ____ is a function that shows the quantity demanded at various prices
demand curve
the ____ is the producer’s gain from exchange
producer surplus
total consumer surplus is measured by the area ____ and ____ at the price
below the demand curve; above
the ____ shows the quantity supplied at various prices
supply curve
total producer surplus is measured by the area ____ and below the price
above the supply curve
producer surplus is the difference between the ____ price and the minimum price at which a producer would be wiling to sell a particular quantity
market
if the price of a good’s complement rises, ____ for the good whose price did not change will decrease
demand
