MGEA01H3 Chapter Notes - Chapter 3: Economic Equilibrium, Demand Curve, Inferior Good

135 views9 pages
queenie and 37142 others unlocked
MGEA01H3 Full Course Notes
10
MGEA01H3 Full Course Notes
Verified Note
10 documents

Document Summary

Mgea01 chapter 3 supply & demand: a model of a competitive market. In the case of a shortage or surplus, how price moves the market back to equilibrium. Competitive market: a market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold. Supply and demand model: is a model of how a competitive market behaves/works. Supply curve: demand and supply curve shifts, market equilibrium, changes in the market equilibrium. Demand schedule: shows how much of a good or service consumers will want to buy at different prices. Quantity demanded: the actual amount of a good or service consumers are willing and able to buy at some specific price. Demand curve: the graphical representation of the demand schedule. It shows how much of a good or service consumers want to buy at any given price.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions