module 5 and 6 chart

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Last updated 2:02 AM on 10/30/22
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13 Terms

1
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input (supply)
when price of input decreases supply of good increases
2
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substitute (supply)
when price of substitute decreases the supply of original increases
3
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complement (supply)
when price of complement rises, the supply of original increases
4
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technology (supply)
when technology improves, supply of the good increases
5
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expected (supply)
when price is expected to fall, supply increases today
6
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number of producers (supply)
when number of producers rises, market supply of the good increases
7
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Substitute (demand)
when a rise in the price of one good leads to an increase in the demand for the other good
8
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complement (demand)
when a rise in the price of one good leads to a decrease in the demand for the other good
9
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normal good (demand)
when a rise in income increases the demand for a good
10
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inferior good (demand)
when a rise in income decreases the demand
11
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taste (demand)
when tastes change in favor of good, the demand increases
12
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expected price (demand)
when prices is expected to rise in the future, the demand increases today
13
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number of consumers (demand)
when number of consumers rises the demand increases