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Chapter 3

Change in demand – a shift of the entire demand curve

Change in quantity demanded – a movement along the demand curve that occurs in response to a change in price

Change in quantity supplied – a movement along the supply curve that occurs in response to a change in price

Change in supply – a shift of the entire supply curve

Complements – two goods are complements in consumption if an increase in the price of one causes a leftward shift in the demand curve for the other

Demand curve – a curve or schedule showing the total quantity of a good that buyers want to buy at each price

Economic efficiency – condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels

Efficient quantity – the efficient quantity of a good is the quantity that results in the maximum possible economic surplus from producing and consuming the good

Equilibrium – a stable, balanced, or unchanging......

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Approximate Word Count: 487
Approximate Pages: 2 (250 words per double-spaced page)

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