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Econ Ch 3 Text Book Notes.docx

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Department
Economics
Course
Economics 1021A/B
Professor
Bruce Hammond
Semester
Fall

Description
Economics 1021: Chapter 3 Text Book Notes Demand and Supply Markets and Prices  A comparative market is one that has so many buyers and sellers that no single buyer or seller can influence the price  Opportunity cost is relative price  Demand and supply determine relative prices Demand  Demand is the relationship between quantity demanded of a good and its price when all other influences on buying plans remain the same.  The higher the price of a good, other things remaining the same, the smaller is the quantity demanded – the law of demand  Demand depends on the prices of related goods (substitutes and complements), expected future prices, income, expected future income and credit, the population and preferences Supply  Supply is the relationship between the quantity supplied of a good and its price when all other influences on selling plans remain the same  The higher the price of a good, other things remaining the same, the greater is the quantity supplied – the law of supply  Supply depends on the prices of factors
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