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The Market Economy
Demand and Supply
Changes in Demand
9 other sections not shown
advertising aggregate demand aggregate supply alcoholic drink average ﬁxed cost average total cost average variable cost buyers cent changes Chapter commodity consumer costs of production countries deﬁcits demand and supply demand curve diﬂicult earnings economic economists effect eﬂ'ect eﬂiciency elasticity of demand example expenditure export prices factors ﬁgures ﬁnal ﬁnd ﬁrm’s ﬁrst full employment grocers important income elasticity incomes policy increase in demand index number industry’s inﬂation inﬂuence labour lb per week less long run manufactured marginal cost curve marginal revenue mark-up market economy market price maximising maximum proﬁts money incomes monopolist monopoly opportunity cost perfectly competitive population price elasticity price level proﬁtable quantity demanded real income reﬂects retail prices Section 1 True Section 2 Multiple sellers shillings per lb short run supply curve Table thousands of lb total revenue trade unions unchanged unit cost unit of output United Kingdom wage rates Wrong