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CH4 - CH 4 Supply and Demand(price is always graphed on...

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CH 4 Supply and Demand ( price is always graphed on vertical axis ) -Competitive market -a market that has many buyers and sellers, such that no single buyer or seller can influence the price Quantity Demanded (Qt)- the amount that consumers plan to buy at a particular price (P) Demand (D)- entire relationship between the price of a good and the quantity demanded Law of Demand -if the price of a good rises, then the quantity demanded of that good falls and vice versa Demand Schedule- as the price is falling, quantity demand is rising Demand curve - graphical representation of the demand schedule and graphically demonstrates the law of demand Market Demand - the sum of all individual demands at a given price or whole market Changes in Demand-shifts in demand curve Change in the price of related goods Substitute goods- can be consumed in place of one another (it doesn’t matter/price is relevant) 1. Expected Future Price/ price goes up/demand goes down 2. Income/target customers 3. Expected future income and credit 4. Number of buyers in the market increase both # of buyers and amount of demand
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