Class Notes (836,153)
Canada (509,662)
Economics (1,296)
ECN 104 (447)
Lecture

Chapter 4

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Department
Economics
Course
ECN 104
Professor
Tsogbadral Galaabaatar
Semester
Fall

Description
Markets and Competition y Market group of buyers and sellers of a particular product Competitive market Many buyers and sellers each has a negligible effect on y price y Perfectly Competitive market All goods are exactly the sameo o Buys and sellers so numerous that no one can effect market eachDemand Quantity Demand The amount of any good that buyers are willing to y purchasey Law of Demand The claim that quantity demanded of a good falls when the price of the good rises The Demand Schedule y Table that shoes relationship between the price of good and the quantity of demand y The quantity demanded in the market is the sum of the quantities demanded by all buyer at each pricedo Qquantity demanded Demand Curve Shiftery Show
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