PSU Econ 104 Final Exam Questions and Answers 100% Solved | Rated A+
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PSU Econ 104 Final Exam Questions
and Answers 100% Solved | Rated A+
Economics - the study of how society manages its scarce resources
Macroeconomics - the study of the economy as a whole, including
topics such as inflation, unemployment, and economic growth
Microeconomics - the study of how h...
Change in Supply - ✔✔A change in the quantity supplied of a good or
service at every price; a shift of the supply curve to the left or right.
Change in Demand - ✔✔consumers demand different amounts at every
price, causing the demand curve to shift to the left or the right
Change in Quantity Supplied - ✔✔a movement along the supply curve that
occurs in response to a change in price
Change in Quantity Demanded - ✔✔movement along the demand curve
showing that a different quantity is purchased in response to a change in
price
Supply Function - ✔✔A function that describes how much of a good will be
produced at alternative prices of that good, alternative input prices, and
alternative values of other variables affecting supply.
Inverse Supply Function - ✔✔The supply function when a price is
expressed as a function of quantity supplied.
P=f(Qs)
Demand Function - ✔✔a representation of how quantity demanded
depends on prices, income, and preferences
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