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TongAPMSD Wiehl

Change in Quantity Demanded Change in quantity demanded is a higher or lower price.
Change in Demand Change in demanded is income, preferences, other goods or services, etc
Substitute Goods that can serve as replacements for one another when the price of one increases, demand for the other goes up. Perfect Substitutes are identical products
Compliment Goods that "go together"; a decrease in the price of one results in an increase in demand for the other, and vice versa.
Market Equilibrium Condition that exists when the quantity supplied and quantity demanded are equal. At equilibrium, there is no tendency for the market price to change Only in equilibrium is quantity supplied equal to quantity demanded
Market Disequilibrium Excess demand or shortage or excess supply is the condition that exists when the quantity demanded at the current price. When quantity supplied exceeds quantity demanded, price tends to fall until equilibrium is reached
Shortage Less services or goods are supplied by businesses than demanded by consumers.
Surplus More services or goods are supplied by businesses than demanded by consumers.
Normal Goods Good for which demand goes up when income is higher and demand goes down when income is lower
Inferior Goods Goods for which demand falls when income rises
Created by: tristynw



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