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ECON 1BB3 (535)
Lecture

ECON 1BB3 SEPT 20.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
What affects your decision to go to the movies? Markets  market= a group of buyers and sellers -getting together and interacting with each other  there are four types of market structure 1. Perfect Competition -assuming that you have perfect competition can lead to disaster -there is lots of buyers and sellers and any individual buyer or seller cannot influence the price 2. Monopoly (one seller) 3. Oligopoly 4. Monopolistic Competition Demand d  Quantity Demanded (Q ): the amount of a good that buyers are willing and able to purchase  the variables that influence how much buyers want to buy are: 1. Price 2. Income -normal and inferior goods 3. Price of other Goods -substitute
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