AP Micro supply & demand determinants

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Last updated 1:43 AM on 10/19/26
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4 Terms

1
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What are the 6 determinants of demand?

Change in consumer tastes & preferences

Change in number of consumers

Change in price of a related good

Change in income

Change in consumer expectations about future prices

Change in taxes or subsidies on the consumer

2
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What are the two types of related goods?

Substitute and complimentary

3
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What are the two types of goods?

Normal (demand increases as income increases)

Inferior (demand increases as income decreases)

4
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What are the determinants of supply?

Change in price of resources/availability of resources

Change in technology

Change in number of producers

Change in taxes or subsidies on the producer

Change in producer expectations about future prices

Acts of nature/political events