ch4 - Chapter 4 Market Forces of Supply and Demand Markets...

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Chapter 4: Market Forces of Supply and Demand   Markets and Competition -market- group of buyers and sellers of a particular good or service -competitive market- many buyers and many sellers so that each has a negligible impact on the market price ex. seller of ice cream has limited control over the price cuz of other sellers -perfectly competitive- goods offered for sale are exactly the same - buyers and sellers are numerous so no single person can influence price -price takers- buyers and sellers much accept the price the market determines ex. wheat market -monopoly- seller that sets the price Demand -quantity demanded- the amount of a good that buyers are willing and able to purchase ex. quantity demanded rises as the price falls- negatively related to price -law of demand- quantity demanded of a good falls when the price of the good rises -demand schedule- table shows the relationship b/n the price of good and quantity demanded -demand curve- graph of the relationship b/n the price of good and quantity demanded
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This note was uploaded on 05/25/2008 for the course ECON 101 taught by Professor Balaban during the Fall '07 term at UNC.

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ch4 - Chapter 4 Market Forces of Supply and Demand Markets...

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