MGEB02H3 Chapter : Week 2 chapter notes

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Chapter 2 the basics of supply and demand notes. N without government intervention, supply and demand will come into equilibrium to determine both the market price of a good. N supply curve relationship between the quantity of a good that producers are willing to sell and the price of the good. N vertical axis shows price of good, p, measured in dollars per unit, which is price that sellers receive for a given quantity supplied. N horizontal axis shows the total quantity supplied, q, measured in the number of units per period. N the supply curve is thus a relationship between the quantity supplied and the price. N the higher the price, the more that firms are able and willing to produce and sell. N quantity can depend on other variables, such as on production costs, including wages, interest charges, and costs of raw materials.

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