ECON 401 chapter 3
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substitutes
people buy more of good 1 when the price of good 2 rises. these goods are?
the quantity demanded of a good are inversely related to changes in its price
the "Law of demand" states that changed in
movement along the demand curve
the law of demand is illustrated by a
a decrease in the quantity demanded of cereal because of the substitution effect
the price of cereal rises. As a result, people have cereal for breakfast on fewer days and eat eggs instead. This behavior is an example of ?
more of that good because they can afford to by more of all the things they previously bought
when the price of a good falls, the income effect for a normal good implies that people buy