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Social studies
| Term | Definition |
|---|---|
| 1. Supply Curve | an equation or graph representing the quantities suppliers are willing to produce at each price |
| 2. Demand curve | An equation or graph showing the quantities consumers are willing to buy at each price |
| 3. perfect competition | a market where there is only one supplier of a good with no simple substitute |
| 4. Equilibrium | the point where the supply and demand curves intersect and there is not excess supply |
| 5. marginal cost. | the cost to a supplier of producing on additional unit of a good |
| 6. marginal utility | the satisfaction a buyer gets form consuming a product |
| 7. Elasticity | the relationship between the supply and demand for a good and changes in its price |
| 8. Inelastic goods | products that are insensitive to price change |
| 9. Elastic | products that are very responsive to price change like steak |
| 10. Monopoly | a market with identical buyers and sellers where no one can affect the price |
| 11. Monopsony | a market situation where there is only one buyer such as the government |
| 12. Barriers to competition | Obstacles, either natural or legal, that prevent potential competitors from entering the market |
| 13. Copyright | A government granted temporary monopoly to allow creators to recoup fixed costs |
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