Chapter 3- Demand and supply
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Last updated 2:41 PM on 3/13/25
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6 Terms
1
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The model (demand and supply
analyzing one product at a time (one market at a time)
2
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supply definition
a schedule or curve showing the amounts of a product that producers are willing and able to make available for sale.
3
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is law of demand an inverse or positive relationship
inverse
4
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is law of supply an inverse or positive relationship
positive
5
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price ceiling
set the maximum legal price a seller may charge for a product or service
6
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price floor
a minimum price fixed by the government
Note 
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