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7 Cards in this Set
- Front
- Back
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what is the law of demand?
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as prices fall, quantity demand will rise.
as prices rise, quantity demand will fall. |
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what is the law of supply?
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as the prices rise, the quantity supplied of goods & services will rise.
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what are the (5) determinates of supply?
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cost of resources
# of suppliers producers future price expec. technology taxes 7subsides |
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what is the 6th unstated determinate of supply?
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profit opportunites of producing other goods
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which way does the chart go on supply?
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goes from smallest to largest
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which way does tha chart go on damand?
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largest to smallest
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what are the 6 reason the demand curve will shift?
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income changes
populations price of complementary goods consumers future price expec. taste and preference |
