ECON 2 Lecture Notes - Lecture 27: Economic Equilibrium, Demand Curve

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Quantity of demand = the amount that buyers wish to purchase at each price. Law of demand = price and the quantity of demand are negatively related, all else equal, including population size, consumer incomes, tastes, and the prices of related goods. The demand schedule: table showing the quantity of demand at each price for some good. Movement along a demand curve due to. D prices and availability of related goods. Quantity of supply = amount that producers wish to sell at each price. Law of supply = price and the quantity of demand are positively related, all else equal, including size of industry, technological change, prices of inputs, and prices of related outputs. Shifts of the demand curve d equilibrium price and quantity in the same direction. Shifts of the supply curve d equilibrium price and quantity in opposite directions. Old equilibrium position new equilibrium position. The supply schedule and the supply curve.

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