Principles
of Economics:
Micro
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4.1 Distinguish between quantity demanded and demand and explain what determines demand.
4.2 Distinguish between quantity supplied and supply and explain what determines supply.
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4.1 Distinguish between quantity demanded and demand and explain what determines demand.A. Other things remaining the same, the quantity demanded increases as the price falls and decreases as the price rises - the law of demand. B. Changes in the price of a relate good, income, expectation about future prices and income, the number of buyers, and preferences change demand.
4.2 Distinguish between quantity supplied and supply and explain what determines supply.A. Other things remaining the same, the quantity supplied increases as the price rises and decreases as the price falls - the law of supply. B. Changes in the price of a related good, prices of resources and other inputs, expectation about future prices and profits, number of sellers, and productivity change supply.
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Take the optional post-study bonus point quizzes on
Demand and Supply on Saturday following Module 1.
Then read and study
Demand and Supply
course objectives 4.3 in your
textbook and study guide
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