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Unit 2: Demand, Supply and market equilibrium, Determinants of demand -…
Unit 2: Demand, Supply and market equilibrium
Demand
Price inversely proportional to quantity
Law of demand
Income effect
Market equilibrium
Efficient Allocation
Rationing function of prices
Allocative efficiency
Productive efficiency
Price ceiling and price floor
Supply
Law of supply
Price directly proportional to quantity
Determinants of supply
Change in technology
Change in number of sellers
Change in resource price
Changes in producer expectation
Changes in other goods
Change in taxes
Determinants of demand
Change in number of buyers
Changes in customer expectation
Change in prices
Change in income
Changes in preference