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Canada (509,186)
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Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Scarcity and Equilibrium.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Scarcity and Equilibrium Scarcity - Scarcity and rarity are different - Rare means that it is in short supply, there isn’t much of it around - Scarcity means people want more of a good than is available when the good is free - If the price of a good is zero and people want more than is available then that good is scarce - There is never enough of things we want, the
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