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Basic Economic 216

Basic Economic

QuestionAnswer
It is a table that shows the relationship between the price of a good and the quantity supplied Demand Scheduled
depicted graphically as the demand curve, represents the amount of some good that buyers are willing and able to purchase at various prices. Supply Scheduled
is defined to be the price-quantity pair where the quantity demanded is equal to the quantity supplied, represented by the intersection of the demand and supply curves.
A situation in a market when the price is such that the quantity that consumers demand is correctly balanced by the quantity that firms wish to supply. Market Equilibrium
it's effectively the inverse of the law of demand. Supply
states that if all other factors remain constant, if a good's price is higher, fewer people will demand it. Demand
Created by: 100000021854515
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