Ch2.docx - Ch2 D S 1 Market the process or mechanics that...

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Ch2 D + S 1. Market : the process or mechanics that brings the buyers and sellers together Can be highly organized (NY stoke exchange) to disorganized (road-side vendors) 2. Demand : what buyers willing and able to buy, over a certain time period, ceteris paribus (under certain assumptions) law of demand : Price and quantity demanded are inversely related. Demand curve reflects the law of demand. Why law of demand?

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