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Chapter 3 - Supply and Demand Chapter 3 Demand A definition...

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Supply and Demand Chapter 3
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Demand: A definition The willingness and ability of buyers: to purchase different quantities of a good at different prices during a specific time period.
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Law of Demand As the price of a good rises, the quantity demanded of the good falls, As the price of a good falls, the quantity demanded of the good rises, ceteris paribus Price Quantity
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Change in demand vs. Change in quantity demanded Change in quantity demanded: A movement from one point to another point on the same demand curve caused by a change in the price of the good Change in demand: Demand curve shifts individuals are willing and able to buy more units of the good at each and every price
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Change in demand vs. Change in quantity demanded Change in quantity demanded caused by a change of the good‘s own price Change in demand caused by Income Preferences Prices of related goods Number of buyers Expectations of future price
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Factors Causing a Shift in the
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