Create an account
a market in which there are many buyers and sellers so that each has a negligible impact on the market price
law of demand
the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
a good for which, other things equal, an increase in income leads to an increase in demand
a good for which, other things equal, an increase in income leads to a decrease in demand
two goods for which an increase in the price of one leads to an increase in the demand for the other
two goods for which an increase in the price of one leads to a decrease in the demand for the other
a table that shows the relationship between the price of a good and the quantity demanded
a Latin phrase, translated as "other things being equal," used as a reminder that all variables other than the ones being studied are assumed to be constant
law of supply
the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
a table that shows the relationship between the price of a good and the quantity supplied
the quantity supplied and the quantity demanded when the price has adjusted to balance supply and demand
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