lecture 2 Econ

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5 Terms

1
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market

set of arraignments where buyers and sellers interact to exchange goods and services. g + s

2
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when does supply fall to zero

when the selling price is too low for firms, selling price increases, quality supplied increases

3
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price is too high

excess supply forces prices up, QD rises and QS falls

4
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price is too low

excess demand forces price up, QD falls and QS riseshatw

5
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what causes movements in the demand curve

change in the price of good