quantity demanded quantity supplied interaction demand and supply complementary goods substitute goods income effect substitution effect law of demand exclusion principle private good public good | law of supply individual supply individual demand demand curve supply curve ( ) price ceiling price floor surplus public-sector failure equilibrium quantity spillover |
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12. How are normal, inferior, substitute, complementary and independent goods defined?
13. Why does a demand curve slope downward?
14. What are the principal kinds of market failures?
15. What are the determinants of demand?
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6. If two goods are substitutes for each other, an increase in the price of one will necessarily:
a) decrease the demand for the other;
b) increase the demand for the other;
c) decrease the quantity demanded of the other;
d) increase the quantity demanded of the other.
7. The income of a consumer decreases and his/her demand for a particular good increases. It can be concluded that the good is:
a) normal;
b) inferior;
c) a substitute;
d) a complement.
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2. : d=10-p, : s=2p-2. , :
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3. Assume, that demand for a commodity is represented by the equation P=10-0,2Qd and supply by the equation P=2+0,2Qs. Solve the equation to determine equilibrium price and equilibrium quantity.
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1. : . ϳ. . 1 / . . . . .: , 2009. . 212-226; 665-669.
2. . ϳ / . . . : 2000, 2006. .237-280.
3. : . ϳ / . . . . .: , 2008. . 196 200, 476 492.