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Economics (1,614)
ECON 1BB3 (535)
Lecture

Lecture 05.doc

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Department
Economics
Course
ECON 1BB3
Professor
Hannah Holmes
Semester
Winter

Description
Lecture 05 Market = group of buyers and sellers There are 4 types of market structure: 1. perfect competition 2. monopoly 3. oligopoly 4. monopolistic competition Demand • Quantity Demanded (Qd): the amount of a good that buyers are willing & able to purchase • the variables that influence how much buyers want to buy are: a) price b) income (normal and inferior goods - what they don't necessary need to buy) c) price of other goods (substitutes and complements) d) t
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