Lec6 - Opportunity cost b. Incentives 2. Supply schedule...

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Lecture 6 02/01/2011 1. Price too high – Surprlus 2. Pice too low – shortage 3. Market clearing price – market equilibrium 4. Effect of changes in demand on price and quantity sold 5. Effects of changes Supply 1. Law of supply a.
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Unformatted text preview: Opportunity cost b. Incentives 2. Supply schedule supply curve 3. Determinants of supply 4. Change in supply vs. change in quantity supplied Competitions of suppliers force the price to be going down....
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