Terms And Concerts

change in demand, p. 57 change in quantity demanded, p. 57 change in quantity supplied, p. 61

change in supply, p. 61 complementary goods, p. 55 demand, p. 50 demand curve, p. 52 demand schedule, p. 50

determinants of demand, p. 53 determinants of supply, p. 58 equilibrium price, p. 63 equilibrium quantity, p. 63 income effect, p. 51 inferior good, p. 55 law of demand, p. 51 law of supply, p. 58 marginal utility, p. 51 market, p. 50

normal good, p. 55 rationing function of prices, p. 63 shortage, p. 62 substitute goods, p. 55 substitution effect, p. 51 supply, p. 57 supply curve, p. 58 supply schedule, p. 57 surplus, p. 62

chapter three individual markets: demand and suppLy

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