MGEA01H3 Chapter 3: Supply and Demand (Chapter 3)

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MGEA01H3 Full Course Notes
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MGEA01H3 Full Course Notes
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A supply and demand is a model that explains how a competitive market behaves. A competitive market is a market in which there are many buyers and sellers of the same good or service that cannot influence the price of the good or service is sold individually. There are five key elements in the supply and demand model: 3) the factors that causes the supply and demand curve to shift. 4) the market equilibrium including the equilibrium price and quantity. 5) the way the market equilibrium change due to the shift in the supply and demand curve. The graph that represents how much a good or service consumers will want to buy at different prices is known as the demand schedule. The quantity demanded is the actual amount of a good or service consumers are willing and able to buy at some specific price.

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