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Market - A large group of buyers and sellers who are buying and selling the same good or service. Market Economy - An economy in which the prices and distribution of goods and services are determined by the interaction of large numbers of buyers and sellers, none of whom have significant individual impact on prices or quantities. Market Equilibrium - Point at which quantity supplied and quantity demanded are equal, and prices are market-clearing prices, leaving no surplus or shortage. Market-Clearing Price - The price of a good or service at which quantity supplied is equal to quantity demanded. Also called the equilibrium price. Monopoly - A firm that is the only seller of a good, with no competition. Natural Monopoly - A monopoly that exists because, for that specific good, the
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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.
- Fall '11