Discussion:
Choose one of the following and determine whether there is correct usage of the terms "demand," "quantity demanded," "supply" and "quantity supplied." Why or why not?
a. As the price of pizza increases, consumers demand less pizza.
b. Whenever the price of bicycles increases, the supply of bicycles increases.
c. The price of electricity is cheaper in the northwestern part of the United States and, therefore, the demand for electricity is greater in the northwest.
d. An increase in incomes of car buyers will increase the quantity demanded for cars.
e. An increase in the quantity demanded of lobsters means consumers are willing and able to buy more lobsters at any price - whatever the current price is.
f. A decrease in the supply of frog legs means suppliers will provide fewer frog legs in the market at any price - whatever the current price is.