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Economics Lecture Fourteen (view source)

Revision as of 01:48, December 17, 2009

3 bytes added ,  01:48, December 17, 2009
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|Inferior v. Normal Goods || 1% || when income goes up, demand for an inferior good or service goes down (e.g., demand for bankruptcy services)
 
|Inferior v. Normal Goods || 1% || when income goes up, demand for an inferior good or service goes down (e.g., demand for bankruptcy services)
 
|-
 
|-
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|substitution and income effects || 1% || increase price means less demand because public uses substitutes (substitution effect of price increase) and becomes poorer (income effect of price increase)
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|substitution and income effects || 1% || increase in price means less demand because public uses substitutes (substitution effect of price increase) and becomes poorer (income effect of price increase)
 
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|-
 
|Cartel || 1% || an oligopoly that illegally agrees to fix (set) prices, as OPEC does
 
|Cartel || 1% || an oligopoly that illegally agrees to fix (set) prices, as OPEC does
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