Chapter 8-10 Flashcards
1
Q
What is demand?
A
quantity of goods and services that will be bought at any given price over a period of time
2
Q
Price drop
A
- quantity demanded increases
3
Q
quantity demanded rises
A
- extension of demand
4
Q
quantity demanded falls
A
- contraction of demand
5
Q
conditions of demand
A
- other factors apart from price
- causes a shift in the demand curve
6
Q
price change
A
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