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Unformatted text preview: 2. Law of Diminishing Returns (Law of Increasing Costs) 3. Opportunity Cost- The value of the next best possible action - The quantity of goods that must be given up to obtain a good - To produce more of one good, most give up some of the other 4. Demand and Supply (Chapter 3) 1.1 Demand - Definitions (ex.: Law of Demand, etc.) - Demand Curve and Changes in Demand 1.2 Supply - Definitions (ex.: Market-day supply, etc.) - Supply Curve and Changes in Supply- Market-Day, Short-Run, and Long-Run Supply 1.3 Equilibrium Price - Excess Demand, Excess Supply, Equilibrium Price...
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This note was uploaded on 03/10/2011 for the course ECON 103 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.
- Spring '08