CHapter three

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Hot dogsHot dogs and burgersburgers are substitutessubstitutes. If the price of a hot doga hot dog decreasesdecreases​, the demand for burgersburgers will

(if they are both substitutes they still both go down in terms of demand)

normal good

as demand increases income increase

low fat mil and cream are

complements in production for dairy

equilibrium quantity formula

​(a minus−c)/(b+ d​).

The equilibrium price formula

( a X d + b X c) / (b+d)

Substitutes in production

Leather purses and leather shoes are​ _______. suvs and pickup trucks

inferior good

a good when demand decrease as income increases

Competitive markets have

many sellers and exist for goods services, money, factors of production and inputs

uxury car makers forecast a decrease in households' incomes and an increase in the ease in which credit can be obtained. You predict that the demand for luxury cars today​ _______.

might increase, decrease, or remain the same

If any factor that influences selling plans other than the price​ changes, then a​ ______ the supply curve occurs.

movement downdown ​along; shift of

diet coke and regular coke are

substitutes for consumers and substitutes for production for producers

We observed a fall in the price of margarine and an increase in the quantity of margarine that producers sell. The most likely explanation is that​ ______.

the law of supply applies to margarine​, but some other influence on selling plans has increased the supply of margarine.


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