Chapter 17 - Demand, Supply, and Equilibrium

1		The sum of the individual demand schedules in a market equals the demand.
2		If your demand for a product increases as your income declines, that good is an .
3		If the price of haircuts doubles, the quantity demanded will (increase, decrease) and the quantity supplied will (increase, decrease).
4		A decrease in the tax on a service (raises, lowers) the (demand, supply) of that service.
5		A change in consumer taste for a product will prompt a change in .