Quiz 2 Flashcards
1
Q
Determinants of demand include
A
Taste, number of buyers, income, price of related goods, expected prices, change in income
2
Q
Complementary good
A
Can be used together with another good
3
Q
Substitute
A
Used in place of another good
4
Q
Surplus
A
Excess supply
5
Q
Shortage
A
Demand > supply
6
Q
Determinants of supply
A
Resources prices Technology Taxes and subsidies Price of other goods Expected prices # of sellers in market
7
Q
Define determinants of demand
A
Factors other than price that determine the position of a demand curve
