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5 Cards in this Set
- Front
- Back
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Effective Demand
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Demand backed up by the willingness and ability to pay for the good
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Nominal demand
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Demand whereby you are willing to pay for the good but not necessarily have the ability to buy it.
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Determinants of demand
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Price, Income, price of related goods, advertising, fashion, taste,
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Is the demand curve downward or upward sloping with respect to price
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downward
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If price fell, demand would …
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rise
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