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Lecture: Supply, Demand, and Equilibrium

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ECON 1050

Lectures 3 and 4 ECON1050 Page 1 MICROECONOMICS Supply and Demand Focus How do markets determine prices and why do prices changecompetitive market market with many buyers and many sellers so no single buyer or seller can influence price money price the amount of money needed to buy a certain good relative price the ratio of the money price of one good to the money price of the next best alternative goodopportunity costDemandif you demand something then you want it are able to afford it and plan to buy it no demandno market demand refers to the relationship between good price and quantity demanded wants the unlimited desires or wishes people have for goods and servicesdemand reflects a decision about which wants to satisfy quantity demanded the amount of product that consumers plan to buy during a particular time period and at a particular price reflects change in demand of a product as a result of a price change movement along the demand curveLaw of Demandother things remaining the same price of a goodquantity demandedprice of a good quantity demanded result ofSubstitution effectrelative price opportunity cost leads to search for substitute productIncome effect price relative to income leads to a quantity demanded refers t
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