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What causes the demand curve to shift?
income level, consumer expectations, Population, consumer tastes and advertising
difference between and individual and a market supply curve
one is for an individual business, market is on all companies that supply same product
list two examples of both fixed and variable costs
fixed-office, store, or restraunt
variable-producing more of something
know what factors cause the supply curve to shift
subsidies-gov. payment that supplies a business or market
taxes-tax on production or sale of a good
regulation-gov intervention in a market that effects the price, quality and quantity
future influences on supply-
number of supplies-
market supply schedule
lists the quantities of a good demanded by all consumers at each price that may be offered in the market
type of demand in which consumers buy much less of a good after a small price increase
when consumers react to a price rise of one good by consuming less of that good and more of another good in its place
lists the quantities of a good demanded be a person at each price that may be offered in the market
graphically represents the quantities of a good demanded at each price that may be offered in the market
when price is not under company control, the market price is equal to the marginal revenue
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