Textbook Notes (369,020)
Canada (162,344)
Economics (331)
ECON 1010 (72)
Chapter 2

ECON 1010 Chapter 2: Topics 10
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Department
Economics
Course
ECON 1010
Professor
Laura K.Brown
Semester
Spring

Description
lo982 ECON101 0 DEMAND AND SUPPLY: AN EQUILIBRIUM ANALYSIS DEMAND AND SUPPLY AGGREGATION: To find the aggregate supply curve you sum the supply curves horizontally To find the aggregate demand curve you sum the demand curves horizontally MARKET EQUILIBRIUM Any other price above or below the equilibrium price would either create an excess demand or an excess supply either the buyers or the sellers have an incentive to change their behaviours. Excess demand is the amount by which quantity demanded exceeds quantity supplied when the price of a good lies below the equilibrium price
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