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Unformatted text preview: demanded. Chapter 3 Demand and SUPPLY Supply Curve = a curve or schedule showing the quantity of a good that sellers wish to sell at each price. (all other influences on sellers remain constant) Positive slope: At higher prices sellers are willing to sell more units 3 Chapter 3 Demand and SUPPLY There is normally one price where quantity of supply = quantity of demand Equilibrium Price & Quantity : The price and quantity for which quantity demanded=quantity supplied. Market Equilibrium : Occurs in a market when all buyers and sellers are satisfied with their respective quantities at the market price. Chapter 3: market surplus and shortage Market surplus/Excess supply : a situation in which the quantity supplied is great and the quantity demanded. Market shortage/Excess demand : a situation in which quantity demanded is created in the quantity supplied....
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