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Unformatted text preview: Normal Good – Income up demand up Inferior Good – Income up demand down Greater quantities demanded at lower prices. It’s not just a good idea. It’s the law The Supply curve It can move “shift” Sellers can move along It. Econ Lingo Distinction A change in demand v. A change in the quanity demanded Change in demand = whole demand curve shift Change in quantity demanded = price change responses A change in supply v. a change in the quantity supplied....
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This note was uploaded on 04/19/2008 for the course ECON 201 taught by Professor Williams during the Fall '08 term at UVA.
- Fall '08