Marco Econ Ch1 & 4

The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises

law of demand

The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises

law of supply

True or False: The market for tomatoes does not exhibit the two primary characteristics that define perfectly competitive markets.

False

The amount of a good that buyers are willing and able to purchase at a given price

Quantity demand

The amount of a good that sellers are willing and able to supply at a given price

Quantity supplied

A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices

demand curve

A table showing the relationship between the price of a good and the amount that buyers arewilling and able to purchase at various prices

demand schedule

In a perfectly competitive market, all producers sell --------- goods or services. Additionally, there are ---- buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ------.

identical, many, takers

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

supply curve

A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices

supply schedule