Supply And Demand an der Nigerian Turkish Nile University | Karteikarten & Zusammenfassungen

Lernmaterialien für Supply and demand an der Nigerian Turkish Nile University

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Supply and demand Kurs an der Nigerian Turkish Nile University zu.

TESTE DEIN WISSEN
Excess supply
Lösung anzeigen
TESTE DEIN WISSEN
The amount by which quantity supplied exceeds quantity demanded when the price of a good exceeds the equilibrium price.
Lösung ausblenden
TESTE DEIN WISSEN
Factors that cause a shift in the supply curve
Lösung anzeigen
TESTE DEIN WISSEN
The supply curve is based on costs of production, anything that changes production costs will shift the supply curve and hence will result in a new equilibrium quantity and price.
Lösung ausblenden
TESTE DEIN WISSEN
"Satisfied" meaning in economics. With regard to sellers 
Lösung anzeigen
TESTE DEIN WISSEN
When we say satisfied, we don't mean that the sellers would not be pleased to receive a price higher than the equilibrium price. Rather it means only that they're able to sell all they wish to sell at that price.
Lösung ausblenden
TESTE DEIN WISSEN
"Satisfied" in economics with regard to buyers
Lösung anzeigen
TESTE DEIN WISSEN
To say that buyers are satisfied at the equilibrium price doesn't mean that they would not be happy to pay less than the equilibrium price. Rather, it means only that they're able to buy exactly as many units of the good as they wish to at the equilibrium price.
Lösung ausblenden
TESTE DEIN WISSEN
Substitutes 
Lösung anzeigen
TESTE DEIN WISSEN
Two goods are substitute in consumption if an increase in the price of one causes a rightward shift in the demand Curve for the other (or if it decrease causes a leftward shift) 
Lösung ausblenden
TESTE DEIN WISSEN
Normal good
Lösung anzeigen
TESTE DEIN WISSEN
One whose demand curve shifts rightward when the incomes of buyers increase and  leftward when the incomes of buyers decrease 
Lösung ausblenden
TESTE DEIN WISSEN
Why does the demand curve slope downwards? 
Lösung anzeigen
TESTE DEIN WISSEN
  • Consumers differ in terms of how much they are willing to pay for the good 
  • It also has to do with the individual consumer's reactions to price changes
  • As price changes, a consumer's purchasing power changes as well 
  • The reservation price for the marginal buyer declines as the quantity of the good bought increases. 
Lösung ausblenden
TESTE DEIN WISSEN
Market equilibrium
Lösung anzeigen
TESTE DEIN WISSEN
Occurs in a market when all buyers and sellers are satisfied with the respective quantities at the market price.
Lösung ausblenden
TESTE DEIN WISSEN
Market 
Lösung anzeigen
TESTE DEIN WISSEN
The market for any good consists of all the buyers and sellers of that good. Both actual and potential
Lösung ausblenden
TESTE DEIN WISSEN
Seller's reservation price 
Lösung anzeigen
TESTE DEIN WISSEN
The smallest dollar amount for which a seller would be willing to sell an additional unit, generally equal to marginal cost. 
Lösung ausblenden
TESTE DEIN WISSEN
Excess demand
Lösung anzeigen
TESTE DEIN WISSEN
The amount by which quantity demanded exceeds quantity supplied when the price of a good lies below the equilibrium price.
Lösung ausblenden
TESTE DEIN WISSEN
On a supply curve, what does a leftward shift of the curve indicate?
Lösung anzeigen
TESTE DEIN WISSEN
A leftward shift on a supply curve can also be referred to as an upward shift
Lösung ausblenden
  • 4472 Karteikarten
  • 16 Studierende
  • 15 Lernmaterialien

Beispielhafte Karteikarten für deinen Supply and demand Kurs an der Nigerian Turkish Nile University - von Kommilitonen auf StudySmarter erstellt!

Q:
Excess supply
A:
The amount by which quantity supplied exceeds quantity demanded when the price of a good exceeds the equilibrium price.
Q:
Factors that cause a shift in the supply curve
A:
The supply curve is based on costs of production, anything that changes production costs will shift the supply curve and hence will result in a new equilibrium quantity and price.
Q:
"Satisfied" meaning in economics. With regard to sellers 
A:
When we say satisfied, we don't mean that the sellers would not be pleased to receive a price higher than the equilibrium price. Rather it means only that they're able to sell all they wish to sell at that price.
Q:
"Satisfied" in economics with regard to buyers
A:
To say that buyers are satisfied at the equilibrium price doesn't mean that they would not be happy to pay less than the equilibrium price. Rather, it means only that they're able to buy exactly as many units of the good as they wish to at the equilibrium price.
Q:
Substitutes 
A:
Two goods are substitute in consumption if an increase in the price of one causes a rightward shift in the demand Curve for the other (or if it decrease causes a leftward shift) 
Mehr Karteikarten anzeigen
Q:
Normal good
A:
One whose demand curve shifts rightward when the incomes of buyers increase and  leftward when the incomes of buyers decrease 
Q:
Why does the demand curve slope downwards? 
A:
  • Consumers differ in terms of how much they are willing to pay for the good 
  • It also has to do with the individual consumer's reactions to price changes
  • As price changes, a consumer's purchasing power changes as well 
  • The reservation price for the marginal buyer declines as the quantity of the good bought increases. 
Q:
Market equilibrium
A:
Occurs in a market when all buyers and sellers are satisfied with the respective quantities at the market price.
Q:
Market 
A:
The market for any good consists of all the buyers and sellers of that good. Both actual and potential
Q:
Seller's reservation price 
A:
The smallest dollar amount for which a seller would be willing to sell an additional unit, generally equal to marginal cost. 
Q:
Excess demand
A:
The amount by which quantity demanded exceeds quantity supplied when the price of a good lies below the equilibrium price.
Q:
On a supply curve, what does a leftward shift of the curve indicate?
A:
A leftward shift on a supply curve can also be referred to as an upward shift
Supply and demand

Erstelle und finde Lernmaterialien auf StudySmarter.

Greife kostenlos auf tausende geteilte Karteikarten, Zusammenfassungen, Altklausuren und mehr zu.

Jetzt loslegen

Das sind die beliebtesten Supply and demand Kurse im gesamten StudySmarter Universum

Allemand

Université Claude Bernard (Lyon I)

Zum Kurs

Die all-in-one Lernapp für Studierende

Greife auf Millionen geteilter Lernmaterialien der StudySmarter Community zu
Kostenlos anmelden Supply and demand
Erstelle Karteikarten und Zusammenfassungen mit den StudySmarter Tools
Kostenlos loslegen Supply and demand