Demand intro change in QD

Demand intro change in QD - Demand Law of demand Price and...

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    Demand Law of demand Price and quantity move in different  directions Movement along demand curve
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    Supply Law of supply Price and quantity go in the same  direction Movement along supply curve
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    Market conditions Equilibrium  QS=QD Excess supply (surplus)  QS>QD Excess demand (shortage) QD>QS Price reacts to market conditions by  moving towards equilibrium (invisible  hand theory)
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    Change in quantity demand  vs. change in demand When the price of the item changes, the  reaction of demand or supply is referred  to as a change in QUANTITY DEMAND  or QUANTITY SUPPLY For ex, when gas prices drop from  $2.40 a gallon to $2.30 a gallon, and the  amount of gas people buy increases, it  is an increase in quantity demand
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    Change in quantity demand  vs. change in demand This would be represented by a 
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Demand intro change in QD - Demand Law of demand Price and...

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