supply and demand Flashcards
1
Q
what affects the demand curve
A
income, consumer tastes
2
Q
what affects the supply curve
A
price increases, input/factor markets
3
Q
what are some gov. interventions
A
min/max pricing, licensing laws, quotas
4
Q
what is ped
A
responsiveness of demand to a change in price
5
Q
what is pes
A
responsiveness of supply to a change in price
6
Q
where are demand curves more inelastic
A
towards the top of the curve
7
Q
what is the tax incidence
A
change in p/change in t
8
Q
A
