lesson3 key terms - in a ceteris paribus condition is...

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Demand The desire and ability to consume certain quantities of a good at various prices over a certain period of time. A shift in demand due to a change in a ceteris paribus condition is referred to as an increase or decrease in demand. A change in quantity demanded is due to a change in price. Supply The quantity of a good offered for sale at various prices during a certain time period. A shift in supply due to a change
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Unformatted text preview: in a ceteris paribus condition is referred to as an increase in supply. A change in quantity supplied is due to a change in price. Market Equilibrium A point at which quantity demanded by consumers is equal to quantity supplied by producers. The price at which this occurs is the equilibrium price, or market-clearing price....
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This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas.

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