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Modern microeconomics (What Is Competition (Perfect Competition (Products…

- - - - Movement along the supply curve.
      - Caused by a change quantity supplied at each price.
      - Change in Supply
        
        shift in the supply curve, to the left / right.
      - -input prices, technology, expentation, number of sellers
- - - - is a table that shows the relationship between the price of the good and the quantity demanded.
    - - is a graph of the relationship between the price of a good and the quantity demanded.
      - Shifts in the Demand Curve
        
        Change in Quantity Demanded
        
        Movement along the demand curve
        
        Caused by change in price of the product.
        
        -Consumer income
        -Prices of related goods
        -Tastes
        -Expectations
        -Number of buyers
        
        Change in Demand
        
        shift in the demand curve, either to the left / right.
        
        Consumer Income
        
        income increases the demand for a normal good will increase.
        
        As income increases the demand for an inferior good will decrease.
        
        Prices of Related Goods
        
        substitutes
        
        fall in price of one good reduces the demand for another good
        
        complements.
        
        fall in the price of one good increases the demand for another good