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ECON 201 NOTES.docx

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Department
Economics
Course
ECON 201
Professor
All Professors
Semester
Fall

Description
ECON201NOTESConcave increase in Opportunity CostConvex decrease in Opportunity CostLarger economies have larger PPF and more outwardsCommand economy price is controlled by the governmentInvisible hand free marketMixed economy is bothExcess Supply is on top of the supply and demand curveExcess Demand is on the bottom of the supply and demand curveInferior Good higher income use less Normal income higher income higher demandPrice ceiling is the maximum you can chargePrice floor is the minimum y
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