Aggregate Deman3

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Aggregate Demand   -  The combined demand of all buyers in a market.  Aggregate Supply   -  The combined supply of all sellers in a market.  Average Cost   -  Average cost incurred per unit of goods produced. Is equal to Total  Cost divided by quantity, TC/q.  Average Fixed Cost   -  Average amount of fixed costs incurred per unit of goods  produced. Is equal to Total Fixed Costs divided by quantity sold, TFC/q.  Average Revenue   -  Average amount of income generated per unit of goods sold. Is  equal to Total Revenue divided by quantity sold, TR/q.  Average Variable Cost   -  Average amount of variable costs incurred per unit of goods  produced. Is equal to Total Variable Costs divided by quantity sold, TVC/q.  Buyer   -  Someone who purchases goods and services from a seller for money.  Competition   -  In a market economy, competition occurs between large numbers of 
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This note was uploaded on 12/13/2011 for the course ECO 1320 taught by Professor Staff during the Fall '11 term at Texas State.

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