Term
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Definition
| A table showing the relationship between the price of a product and the quantity of the product demanded |
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Term
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Definition
| The amount of a good or service that a consumer is willing and able to purchase at a given price |
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Definition
| A curve that shows the relationship between the price of a product and the quantity of the product demanded |
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Definition
| The demand by all the consumers of a given good or service |
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Definition
| The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease. |
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Definition
| The change in the quanity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitutes. |
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Term
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Definition
| The change in the quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing power. |
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Term
| Ceteris paribus ("all else equal") |
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Definition
| The requirement that when analyzing the relationship between two variables - such as price and quantity demanded - other variables must be held constant. |
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Definition
| A good for which the demand increases as income rises and decreases as income falls. |
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Term
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Definition
| A good for which the demand increases as income falls and decreases as income rises. |
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Definition
| Goods and services that can be used for the same purpose. |
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Term
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Definition
| Goods and services that are used together. |
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Term
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Definition
| The characteristics of a population with respect to age, race, and gender. |
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Definition
| The amount of a good or service that a firm is willing and able to supply at a given price. |
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Term
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Definition
| A table that shows the relationship between the price of a product and the quantity of the product supplied. |
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Term
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Definition
| A curve that shows the relationship between the price of a product and the quantity of the product supplied. |
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Term
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Definition
| The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied |
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Term
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Definition
| A positive or negative change in the ability of a firm to produce a given level of output with a given quantity of inputs. |
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Term
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Definition
| A situation in which quantity demanded equals quantity supplied. |
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Term
| Competitive market equilibrium |
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Definition
| A market equilibrium with many buyers and many sellers. |
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Term
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Definition
| A situation in which the quantity supplied is greater than the quantity demanded. |
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Term
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Definition
| A situation in which the quanity demanded is greater than the quantity supplied. |
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