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Economics U3AOS1 (Perfectly Competitive Markets (Assumptions: (Full…
Economics U3AOS1
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Demand
Law of demand: As $ increase, quantity demanded decreases // As $ decreases, quantity demanded increases
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Supply
Law of supply: As $ increases, quantity supplied increases // as $ decreases, quantity supplied decreases.
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Relative Prices
Resource allocation: Refers to how CELL is directed towards the production of goods and services to meet the needs of all economic agents.
Relative prices: The price of any one good or service measured in terms of the price of another good or service.
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