ECON 211 Lecture Notes - Lecture 3: Market Clearing, Equilibrium Point

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18 Sep 2018
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Supply: shows the amounts of a product producers (sellers) are willing and able to produce (sell) at each price. As price goes up, supply goes up (p ^ qs ^) Positive or direct relationship between price and quantity supplied. Just change price, don"t need new supply curve until determinants change. Changes in quantity supplied: a movement from one point to another point on a fixed supply curve. Results in an increase or decrease in price of the product. Equilibrium: quantity demanded is equal to quantity supplied. Graphically, where supply and demand curves intersect.

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