1. What does the law of demand state about the relationship between price and quantity demanded?
2. Which factor is NOT a typical cause of shifts in the demand curve?
3. At market equilibrium, which of the following is true?
Market — definition?
Place for exchange of goods/services.
Demand — role?
Determines how much consumers want at various prices.
Price elasticity of demand — formula?
% change in Q / % change in P.
Market — definition?
Exchange platform for goods/services.
Law of Demand — relationship?
Inverse between price and demanded quantity.
Price Elasticity of Demand — measure?
Demand responsiveness to price changes.
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