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6 Cards in this Set

  • Front
  • Back
Demand
Is the quantities of a particular good or sesrvice consumers are willing and able to buy at different possible prices at a particular time.
Price Effect
People buy less of something at higher prices.
Substitute
Is a good or service that can replace another good or service.
Market Demand
Is the sum of all individual demands in a given market at a particular time.
Price Elasticity of Demand
Is a measurement of the impact of the price effect.
Complementary Goods
Are goods that often are used together.