econ fundamentals

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Last updated 6:22 AM on 9/3/26
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5 Terms

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Law of Supply

With all other factors constant, quantity and price have a direct relationship on the supply curve

2
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Law of Demand

With all other factors constant, quantity and price have an inverse relationship on the demand curve.

3
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Number of sellers

non-price discriminant that shifts supply depending on the number of producers on the market

4
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Preferences

Factors influencing consumer choices that affect demand, including tastes and trends.

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