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If the economy booms and incomes rise, what happens in the markets for inferior goods?
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3. Supply and Demand
Supply and Demand Together: One-sided Shifts
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A decrease in _________ will cause a movement along a given supply curve, which is called a change in __________.
A
supply, demand
B
demand, supply
C
demand, quantity supplied
D
supply, quantity demanded
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Identify the key terms in the problem: 'movement along a given supply curve' and 'change in quantity supplied'.
Understand that a movement along the supply curve is caused by a change in the price of the good or service, not by a change in supply itself.
Recognize that a decrease in demand will lead to a decrease in the equilibrium price, causing a movement along the supply curve.
This movement along the supply curve due to a change in price is referred to as a change in 'quantity supplied', not a change in 'supply'.
Therefore, the correct terms to fill in the blanks are: 'demand' for the first blank and 'quantity supplied' for the second blank.
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