Flashcards
The Demand Formula
Cards in this deck (4)
- 1PxThe price of good x.
If price increases the demand will fall.
If price decreases demand will rise. - 2Pog 1The 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. - 3Pog 2If the price of a substitute good falls the quantity demanded of the good itself will fall.
Vice Versa. - 4YThe quantity demanded depends on income.
Information
- Description
- Explanation of the demand formula
- Created by
- hayley fuentes
- Views
- 3
- Tags
- Rating