Demand Graphing
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10 Terms
Ceteris Paribus
“All other things equal”
all other variables except the one being examined are held constant
PIRTEB
In a demand problem, we can assume that only one of the ? factors are being changed
price
on a demand graph, ? ALWAYS goes on the y-axis
quantity demanded
on a demand graph, ? ALWAYS goes on the x-axis
price point
on a demand graph, one specific ? is the quantity demanded
demand
the collection of different prices / quantities demanded
the entire line basically
original
If price changes (P) in a demand problem, we just show movement along the ? curve
just move one price/quantity point to another
entire
If demand factors IRTEB change in a demand problem, the ? demand curve shifts
decrease
a shift left in a demand curve represents a ? in demand
increase
a shift right in a demand curve represents an ? in demand
Note 
Flashcards (160)