6604753
Description
Flashcards by hayley fuentes, updated more than 1 year ago
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Created by hayley fuentes
over 7 years ago
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| Question | Answer |
| Px | The price of good x. If price increases the demand will fall. If price decreases demand will rise. |
| Pog 1 | The price of other goods effects demand. An increase in price of a complimentary good will result in a decrease in demand for this good . Vice Versa. |
| Pog 2 | If the price of a substitute good falls the quantity demanded of the good itself will fall. Vice Versa. |
| Y | The quantity demanded depends on income. |
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