Chapter 3 Homework

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according to the law of demand

there is an inverse relationship between price and quantity demamded

the distinction between a normal and an inferior good is

when incomes increases , demand for a normal good increases while demand for an inferior good falls

the distinction between substitutes and complements is

substitute good are used for the same purposes while complementary good are used together

according to the law of supply

there is a positive relationship between price and quantity supplied as the price of a product increases, firms will supply less of it to the market

Market price is determined by

both supply and demand

"an increase in supply decreases the equilibrium price. the decrease in price increases demand"

FALSE" decreases in price affect the quantity demanded. not demand.

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