GGR124H1 Chapter Notes - Chapter 4: Demand Curve, Perfect Competition, Inferior Good

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29 Sep 2016
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Market group of buyers and sellers of a particular good or service. Competitive market market in which there are many buyers and many sellers so that each ahs minor impact on market price. We assume in economics that markets are perfectly competitive: goods offered for sale are same, buyers and sellers are so numerous that no single one has influence over market price. In competitive market, buyers and sellers are price takers buyers buy all they want and sellers sell all they want. Quantity demanded amount of good that buyers are willing and able to purchase. Quantity demanded is negatively related to price. Law of demand when price rises, quantity demanded falls and when price falls, quantity demanded rises. Demand schedule table showing relationship between price and quantity demanded. Demand curve graph of relationship between price and quantity demanded; shows individual demand. Market demand sum of all individual demands for a particular good or service.

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