Class Guide February 7th

1
Class Guide February 7th

• Write down the basic concept and fill in the
  blanks with the presentation
• In imperfectly competitive markets, individual
  buyers or sellers can _________________.
• In perfectly competitive markets (or just
  competitive markets), each buyer and seller
  ______________________________________________.
• Supply and demand model is designed to explain
  how _______ are determined in perfectly
  competitive markets.
• Quantity demanded _______________________________
  _________________
• The Law of Demand _______________________________
  _________________.
• Demand means ____________________________________
  _________.
• A rise in income will increase the demand for a
  _______ good, and decrease the demand for an
  _________ good.
• Wealth __________________________________________
  _____________.
• Substitute ______________________________________
  _______________
• Complement ______________________________________
  ____________.
• A rise in the price of a substitute
  _________(increase/decrease) the demand for a
  good, shifting the demand curve to the ______
  (left/right)
• An expectation that price will rise in the future
  shifts the current demand curve ______ (rightward
  /leftward)
• Factors That Shift the Demand Curve include
  _______________________,
• ___________________, ____________________,
  ___________________,
• ____________________, ____________________
  ,__________________
• Quantity supplied _______________________________
  _______________
• The Law of Supply _______________________________
  ______________
• ___________________________________________.