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Chapter 4

Chapter 4 - The Market Forces of Supply & Demand.docx

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Department
Economics
Course
ECN 104
Professor
Tsogbadral Galaabaatar
Semester
Fall

Description
September 20 2012 ECN 104 Introductory Microeconomics Chapter 4: The Market Forces of Supply and Demand Market: a group of buyers and sellers of a particular good or service Competitive Market: a market in which there are many buyers and sellers, each has a negligible impact on the market price. Normal good: a good for which, other things equal an increase in income leads to increase in demand Inferior good: a good for which, other things equal an increase in income leads to a decrease in demand. Substitutes: two goods for which an increase in one good results in an increase in demand for the other Complements: two goods for which an increase in the price of one leads to the decrease in demand for the other Quantity Demanded: the amount of a good that buyers are willing to purchase Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded. Demand curve: a graph that shows the relationship between the price and demand of a good.  A shift to the right indicates increase in demand  A shift to the left indicates decrease in demand Law of demand: the quantity of a good falls when the price rises (inverse relationship). Quantity supplied:
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