Week two terms

Week two terms - change in demand A change in the quantity...

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change in demand A change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right. change in supply A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right. complementary goods Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely). demand A schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period. demand curve A curve illustrating demand. determinants of demand Factors other than price that determine the quantities demanded of a good or service. determinants of supply Factors other than price that determine the quantities supplied of a good or service. equilibrium price The price in a competitive market at which the quantity demanded and the quantity supplied are equal, there is neither a shortage nor a surplus, and there is no tendency for price to rise or fall.
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This note was uploaded on 01/30/2011 for the course ECO 218 taught by Professor Dr.rhibidaoud during the Spring '10 term at Sinclair CC.

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Week two terms - change in demand A change in the quantity...

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