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Econ Test #3
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Demand
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What a CONSUMER is willing and able to buy at various possible prices over a given period of time
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Terms in this set (13)
Demand
What a CONSUMER is willing and able to buy at various possible prices over a given period of time
Main Factor of Demand
Price
Supply
What a PRODUCER is willing and able to create at various possible prices over a given period of time
Main Factor of Supply
Profit
Example to prove Law of Demand
If price goes UP then less people will buy it
Example to prove Law of Supply
If price goes UP the amount supplied will increase
Proof of Demand
Diminishing Marginal(Additional) Utility(Satisfaction) (DMU), Substitution Effect, Income effect
Schedule
=Table
Law of Demand Graph
Law of Supply Graph
To find out the market clearing price they use what to find out the price?
Trial & Error
Right=
Increase
Left=
Decrease
