1.2.6-7 - price determination ( key words )
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Last updated 9:02 AM on 10/12/25
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4 Terms
1
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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.
2
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comparative static analysis
Examines the effect on equilibrium of a change in the external conditions affecting the market
3
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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.
4
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yhers
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