Chapter 2-Learning Curve Demand

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Last updated 11:32 PM on 9/14/26
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12 Terms

1
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a shift in the demand curve to the right

Increased in Demand

2
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a shift of the demand curve to the left

Decreased in Demand

3
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a good for which higher income causes an increase in demand

Normal Good

4
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a good for which higher income causes a decrease in demand

Inferior Good

5
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goods that go well together

Complementary Good

6
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goods that replace each other

Substitute Good

7
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when a good becomes more useful because other poeple us it

Network Effect

8
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when a good becomes less valuable because other people use it

Congestion Effect

9
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a graph that plots the quantity of an item that an individual plans to purchase at each price

Individual Demand Curve

10
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we are examining buying decisions (as opposed to selling decisions)

Demand

11
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the tendency for quantity demanded to be higher when the price is lower

Law of Demand

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