# U W doe it mean when the curve shifts outward? The law of increasing opportunity costs...

###### Question:

U W doe it mean when the curve shifts outward? The law of increasing opportunity costs - why costs increase as one moves along the PPC Supply and Demand What is a market? Define demand, quantity demanded, supply, quantity supplied. State the laws of supply and demand. List the major characteristics/determinants of supply and demand. Define normal/inferior goods; substitutes and complements Know how to sketch a typical demand and supply curve showing the equilibrium price and quantity. Know what happens to equilibrium price and quantity when demand or supply increases or decreases. What happens when curves shift and what happens to equilibrium price and quantity (increase in supply-curve shifts right - price decreases and quantity increases) Know the difference between a price ceiling and a price floor. Be able to interpret them on a graph. What are the issues surrounding minimum wage laws and rent controls - impact on both demand and supply Explain the economic consequences of price ceilings and floors. Be able to differentiate between a change in demand and a change in quantity demanded. Identify the causes of each type of change. Differentiate between a change in supply and a change in the quantity supplied. Identify the causes of each type of change. Movement along a curve (change in the quantity demanded) versus shifts in curves (change in demand). lo

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