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9 Cards in this Set

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  • Back
Change in quantity demand?
a change in the quantity of a product purchased in reponse to a change in price
substitution effect
change in the quantity demanded b/c of a change in the relative price of a product as compared to a substitute product
change in demand
when we observe that consumers are willing to buy new amounts at all prices
consumer income
as income rises consumers are able to buy more products
consumer tastes
trends andd advertising
prices of substitutes
change in the price of a related product can cause the change in demand for the other item
price of complements
a change in the price of complementary goods can cause a change in demand for the orginal product
consumer price expectations
a change in the price expectations of consumers for a product could change their current demand for a product
# of consumers
a change in the # of consumers could change the demand for a product