ECON 2310 Study Guide - Final Guide: Competitive Equilibrium, Market Power, Perfect Competition

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Demand curve- shows how much buyers if the product want to buy at each possible price, holding fixed all other factors the affect demand. Substitutes- two products are substitutes, if all else equal, an increase in the price of one of the products causes buyers to demand more of the other product. Compliments- two products are compliments, if all else equal, an increase in the price of one of the products causes consumers to demand less of the other product. Demand function- describes the amount of the product that is demanded for each possible combination of its price and other factors. Inverse demand function- the function for a firm"s product describes how much the firm must change to sell any given quantity of its product. Supply curve- shows how much sellers of a product want to sell at each possible price, holding fixed all other factors that affect supply.

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