ECON 2010 Chapter Notes - Chapter 3: Reservation Price, Demand Curve, Economic Surplus

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12 Feb 2018
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Buyer"s reservation price: the largest dollar amount the buyer would be willing to pay for a good. Buyer"s surplus: the difference b/w the buyer"s reservation price and the price he/she actually pays. Cash on the table: an economic metaphor for unexploited gains from exchange. Change in demand: a shift of the entire demand curve. Change in quantity demanded: a movement along the demand curve that occurs in response to a change. Change in quantity supplied: a movement along the supply curve that occurs in response to a change in. Change in supply: a shift of the entire supply curve. Complements: two goods are complements in consumption if an increase in the price of one causes a left. Demand curve: a schedule or graph showing the quantity of a good that buyers wish to buy at each price. Economic efficiency: a condition that occurs when all goods and services are produced and consumed at.

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