Booklet 4 - price determination ( key words )

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4 Terms

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Market equilibrium

a situation that occurs in a market when the price is such the quantity that consumers wish to buy is exactly balanced by the quantity that firms wish to supply.

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comparative static analysis

Examines the effect on equilibrium of a change in the external conditions affecting the market

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Derived demand

demand for a factor of production or good which derives not from the factor or the good itself, but from the goods or services it produced.

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yhers

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