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Quick Write (34)

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  1. Quick Write (34) • What role do you think the government should play in controlling negative externalities?

  2. Demand and Demand Curves Yes. We will graph.

  3. Law of Demand (34) • Consumers buy more of a good when its price decreases and less when its price increases.

  4. Substitution Effect (34) • When consumers react to an increase in a good’s price by consuming less of that good and more of other goods.

  5. Income Effect (34) • The change in consumption resulting from a change in real income.

  6. Demand Schedule

  7. Individual Demand Curve

  8. Market Demand Curve

  9. Demand Curve Exercise • Use the following data to plot sample data curves.

  10. Sample Demand Schedules Market demand schedule for a miniature golf course. Individual demand schedule music consumption

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