Lecture 5/ Chapter 4 Flashcards
1
Q
When the Demand Curve shifts to the right it means there is an
A
Increase in Demand
2
Q
When the Demand Curve shifts to the left it means there is a
A
Decrease in Demand
3
Q
A change in price would cause a
A
movement ALONG the demand curve/ supply curve
4
Q
When the Supply Curve shifts to the right it means there is an
A
Increase in supply
5
Q
When the Supply Curve shifts to the left it means there is a
A
Decrease in supply
6
Q
When the price in the market place exactly clears, this is known as
A
Market Equilibrium
