Lu4 Flashcards
(4 cards)
1
Q
change in demand
A
results in a change of price and quantity
can be caused by a nonprice
2
Q
increase in demand
A
rightward shift , which causes excess demand , people are willing to pay more because demand increase but no supply
3
Q
A
3
Q
decrease in supply
A
leftward shift excess demand as consumers try to get the last supply
causes the price to increase
movement along the curve of the demand curve
