Chapter 4 - Demand, Supply, and Markets

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disequilibrium

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7 Terms

1

disequilibrium

condition that exists in a market when the plans of buyers do not match those of sellers; a temporary mismatch between quantity supplied and quantity demanded as the market seeks equilibrium.

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2

particular commodities

Prices communicate to existing and future suppliers about the benefits of manufacturing ________.

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3

commercial pressures

Change is not compelled by ________.

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4

typical good

Because pizza is a(n) ________, its demand curve moves to the right as money income rises.

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5

Consumers

________ have a variety of methods for attempting to satisfy any given need.

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6

Consumers

________ have a variety of methods for attempting to satisfy any given need.

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7

Substitution effect

When the price of a good falls, that good becomes cheaper compared to other goods so consumers tend to substitute that good for other goods

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