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17 Cards in this Set
- Front
- Back
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A change in the quantity demanded of a good that is caused solely by a change in the price of that good
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Change in quantity demanded
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The inverse relationship between price and quantity demanded of a good or service, ceteris paribus
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Law of demand
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A schedule showing the specific quantity of a good or service that people are willing able to buy at different prices
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Demand schedule
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A curve that depicts the relationship between price and quantity demanded
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Demand curve
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The sum of all individual demands in a market
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Market demand
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A schedule showing the specific quantity of a good or service that suppliers are willing and able to provide at different prices
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Supply schedule
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A market situation in which the quantity of a good supplied is fixed, regardless of price
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Market-day supply
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A curve that depicts the relationship between price and quantity supplied
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Supply curve
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The difference, at a particular price, between quantity supplied and quantity demanded, quantity supplied being the greater
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Excess supply
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The difference, at a particular price, between quantity demanded and quantity supplied, quantity demanded being the greater
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Excess demand
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The time interval during which suppliers are able to change the quantity of some but not all the resources they use to produce goods and services
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Short run
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The time interval during which suppliers are able to change the quantity of all the resources they use to produce goods and services
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Long run
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A change in quantity demanded of a good that is caused by factors other than a change in the price of that good
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Change in demand
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A good whose demand increases or decrease when people's incomes increase or decrease
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Normal good
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Goods that can replace each other. When the price of one increases, the demand for the other decreases
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Substitute goods
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Goods that are generally used together. When the price of one increases, the demand for the other decreases
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Complementary goods
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A change in quantity supplied of a good that is caused by factors other than a change in the price of that good
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Change in supply
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