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False- A change in price causes a change in Quantity demanded or Quantity supplied
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T/F A change in price will cause a change in demand or supply
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Law of Demand
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Income and Substitution effects are used to explain the
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Law of Supply
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Decreases in price cause decreases in quantity demanded
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False- There is a direct relationship
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T/F According to the law of supply there is an inverse relationship between the price of a product and the quantity of the product supplied
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Normal good
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Consumers will buy more of this good as income rises
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Demand schedule
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Table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at a variety of prices
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Horizontal
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A market supply curve is the _______ sum of individual supply curves
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Market Equilibrium
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A situation in which quantity demanded equals quantity supplied
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shortages
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Price ceilings in variably create____which means at the price ceiling, quantity demanded is greater than quantity supplied
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rent control
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An example of price ceiling is
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