Economics 1021A/B Lecture Notes - Lecture 3: Natural Disaster, Marginal Cost, Inferior Good

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ECON 1021A/B Full Course Notes
94
ECON 1021A/B Full Course Notes
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O any arrangement that enables buyers and sellers to get information and do. Competitive market: many buyers, no single buyer or seller can influence the price. Money price: amount of money needed to buy it, dollar figure. Opportunity cost: highest valued alternative foregone, eg. buy a cup of coffee, highest valued thing you forgo is some gum, then the opportunity cost of the coffee is the quantity of gum forgone. Relative price: ratio of one price to another, relative price is an opportunity cost. Law of demand: other things remaining the same, the higher the price of a good, the smaller is the quantity demanded; and the lower the price of a good, the greater is the quantity demanded. Substitute: good that can be used in place of another good, price of substitute goes up, demand for other good increases.

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