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18 Cards in this Set
- Front
- Back
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change in the quantity demanded
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Movement along a given demand curve reflecting a change in price and quantity
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change in the quantity supplied
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Movement along a given supply curve reflecting a change in price and quantity
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comparative statics analysis
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Study of changing demand and supply conditions
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demand
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Total quantity customers are willing and able to purchase
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demand curve
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Relation between price and the quantity demanded, holding all else constant
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demand function
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Relation between demand and factors influencing its level
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derived demand
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Demand for inputs used in production
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direct demand
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Demand for consumption products
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equilibrium
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Perfect balance in demand and supply
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market equilibrium price
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Market clearing price
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shift in demand
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Switch from one demand curve to another following a change in a nonprice determinant of demand
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shift in supply
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Movement from one supply curve to another following a change in a nonprice determinant of supply
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shortage
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Excess demand
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supply
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Total quantity offered for sale
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supply curve
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The relation between price and the quantity supplied, holding all else constant
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supply function
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Relation between supply and all factors influencing its level
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surplus
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Excess supply
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utility
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Value
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