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ECS1501-25-Y
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A decrease in demand is represented by a
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If the demand curve for good B shifts if there is a change in the price of good A, good B can be either a complement or a substitute of good A.
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If peas and green beans are substitutes, a decrease in the price of peas will result in a leftward shift of the demand curve for green beans (ie a decrease in demand for green beans).
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A rightward shift of a demand curve (ie an increase in demand) indicates that a greater quantity of the good is demanded at each price.
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Demand refers to plans of households, not to events that have already occurred.
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Which of the following is an example of a real flow in a simple economy?
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Which of the following represents a nominal (money) flow in a simple economy?
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What is the key difference between the goods and factor markets?
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In the simple circular flow model, which two main economic sectors interact?
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The South African government of national unity implements an infrastructure development project, spending R100 billion over five years. How should this expenditure be classified in terms of stocks and flows?
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