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market (supply (shifts in supply curve (input prices, technology,…
market
supply
definition
the amount of goods that seller are willing and able to sell
law of supply
quantity rises then price also rises
r
relationship between the price of goods and the quantity supplied
shifts in supply curve
input prices
technology
expectation
number of sellers
demand
definition
amount of a good that buyers are willing and able to purchase
law of demand
Q rises so P decreses
demand curve
relationship between the price of a good and the quantity demanded
consumer income
price of related goods
taste
expectations
equilibrium
QSS=QDD
consist equilibrium price and equilibrium quantity