Supply and Demand: AP Macroeconomics Study Guide with Complete Solutions
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Course
AP Macroeconomics
Institution
AP Macroeconomics
Supply and Demand: AP Macroeconomics
Study Guide with Complete Solutions
competitive market - Answer-a market in which there are many buyers and
sellers of the same good or service, none of whom can influence the price at
which the good or service is sold.
supply and demand model - Answer-a mo...
change in demand - Answer✔✔-a shift of the demand curve, which changes the
quantity demanded at any given price.
movement along the demand curve - Answer✔✔-change in the quantity
demanded of a good that is the result of a change in that good's price.
substitues - Answer✔✔-if a rise in the price of one of the goods lead go an
increase in the demand for the other good.
complements - Answer✔✔-if a rise in the price of one goods leads to a decrease
in the demand for the other good.
normal good - Answer✔✔-when s rise in income increases the demand for a
good, it's a _____
inferior good - Answer✔✔-when the rise in income decreases, it's a _____
individual demand curve - Answer✔✔-illustrates the relationship between
quantity demanded and price for an individual consumer.
quantity supplied - Answer✔✔-actual amount of a good or service producers are
willing to sell at some specific price.
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