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Unformatted text preview: attempt to make a profit. Market – a group of firms and individuals that are in touch with each other in order to buy or sell some good or service. Market Demand Curve – a curve, usually sloping downward to the right, showing the relationship between a products price and the quantity demanded of the product. Market Supply Curve – a curve, usually sloping upward to the right, showing the relationship between a product’s price and the quantity supplied of the product. Equilibrium – a situation in which there is no tendency for change. Equilibrium Price – a price that shows no tendency for change, because it is the price at which the quantity demanded equals the quantity supplied, the price toward which the actual price of a good always tends to move. (The market clearing price) Equilibrium Quantity – The quantity demanded at the equilibrium price. Public Sector – the government sector of the economy. 3A...
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This note was uploaded on 06/06/2011 for the course ECON 101 taught by Professor Dsliva during the Fall '11 term at Moraine Valley Community College.
- Fall '11