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Unformatted text preview: output with a given amount of inputs. 3. Prices of substitutes in production 4. Expected Future Prices 5. Number of firms in the market Market Equilibrium : a situation where quantity demanded equals quantity supplied. Competitive Market Equilibrium : market equilibrium with many buyers and many sellers. Surplus : a situation in which the quantity supplied is greater than the quantity demanded. Shortage : a situation in which the quantity demanded is greater than the quantity supplied....
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This note was uploaded on 10/28/2007 for the course ECON 205 taught by Professor Kamrany during the Spring '07 term at USC.
- Spring '07