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20 Cards in this Set
- Front
- Back
What is Demand?
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refers to a schedule of quantities of a good that will be bought per unit of time at various prices, other things constant.
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What is a demand curve?
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is the graphic representation of the relationship between price and quantity demanded
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What is equilibrium?
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is a concept in which opposing dynamic forces cancel each other out.
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What is equilibrium price?
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is the price toward which the invisible hand drives the market
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What is equilibrium quantity?
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is the amount bought and sold at the equilibrium price
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What is excess demand?
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is the quantity demanded is greater than quantity supplied
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what is excess supply?
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quantity supplied is greater than quantity demanded, and some suppliers won't be able to sell all their goods.
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What is fallacy composition?
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Is the false assumption that what is true for a part will also be true for the whole
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What is law of demand?
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states that the quantity of a good demanded is inversely related to the good's price
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What is law of supply?
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is based on substitution and the expectation of profits
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What is market demand curve?
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is the horizontal sum of all individual demand curve.
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What is market supply curve?
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is the horizontal sum of all individual supply curves.
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What is movement along a demand curve?
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is the graphical representation of the effect of a change in price on the quantity demanded.
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What is movement along a supply curve?
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is the graphical representation of the effect of a change in price on the quantity supplied.
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What is quantity demanded?
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refers to a specific amount that will be demanded per unit of time at a specific price, other things constant
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What is quantity supplied?
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refers to a specific amount that will be supplied at a specific price.
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What is shift in demand?
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is the graphical representation of the effect of anything other than price on demand.
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What is shift in supply?
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is the graphical representation of the effect of a change in a factor other than price on supply
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What is supply?
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refers to a schedule of quantities a seller is willing to sell per unit of time at various prices, other things constant
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What is supply curve?
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is the graphical representation of the relationship between price and quantity supplied.
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