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Все вопросы
- A … good is one for which the demand increases when income increases. An inferior good is one for which the demand decreases when income increases. #141
- An ordinary good is one for which the demand … when its price increases. A Giffen good is one for which the demand increases when its price increases. #142
- If the demand for good 1 … when the price of good 2 increases, then good 1 is a substitute for good 2. If the demand for good 1 decreases in this situation, then it is a complement for good 2. #143
- The inverse demand function measures the price at which a given quantity will be demanded. The … of the demand curve at a given level of consumption measures the marginal willingness to pay for an additional unit of the good at that consumption level. #144
- The consumer’s demand functions give the optimal amounts of each of the goods as a function of the prices and income faced by the consumer. #145
- Studying how a choice responds to changes in the economic environment is known as comparative statics. #146
- We would normally think that the demand for each good would increase when income increases. Economists, with a singular lack of imagination, call such goods normal goods. #147
- The income offer curve is also known as the income expansion path. #148
- The movement from one equilibrium to another can take a substantial amount of …, and questions about how such movement takes place can be very interesting and important. #149
- The Engel curve is a graph of the demand for one of the goods as a function of income, with all prices being held constant. #150