Reading Guide: Section 2 Module 5
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Improve your reading and improve your earnings.
Pre-Reading
What do I already think I know?
When demand for a product increases price is likely to...
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Consumers demand goods and firms supply them
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Which of the following do you anticipate to cause demand to increase (choose all that apply)?
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Supply & Demand
1. How did the example above show how weather can affect clothing prices?
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Supply & Demand: A Competitive Market Model
2. Explain why a competitive market structure would be important to understanding market behavior. *
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3. Check all of the following that are considered "key elements" in the supply and demand model.
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The Demand Curve and The Demand Schedule
4. How do you describe the relationship between the price for a pound of cotton and quantity demanded? *
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5. Describe the difference between the demand curve and the demand schedule. *
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6. Why do many people say the law of demand is "common sense"? *
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7. Explain how the demand schedule in 2012 changed in 2013 for cotton. *
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8. Carefully describe the difference between a change in demand and a change in the QUANTITY demanded. *
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9. Check all the following that are true regarding DEMAND:
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Shifts in the Demand Curve
10. Look at the five principal factors that shift the demand curve. Which one seems to be the most challenging and why?
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11. Explain how when a good has a close substitute and the price increases for one good what happens to the demand for the substitute?
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12. Explain how when a good has a complementary good and the price increases for one good what happens to the demand for the complement?
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13. When income increases for consumers some products see a decrease in demand while others see an increase. How do you explain that?
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14. Describe how a change in tastes or preferences can increase or decrease demand.
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15. If I expect my income to decrease in the future, how will demand for products change now?
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16. Refer to figure 5.5: How is a market demand curve related to individual demand curves?
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17. More consumers means...
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Watch it! It can't make your worse off and Snapchat is inefficient
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