Microecon Terms II (midterm study guide)

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DescriptionTerm/Concept
The process of buyers and sellers exchanging goods & services
A market where the many buyers and sellers have little market power--each buyer's or seller's effect on market price is negligible
The quantity of a good or service demanded varies inversely (negatively) with its price, ceteris paribus
A schedule that shows the relationship between price and quantity demanded
A graphical representation that shows the inverse relationship between price and quantity demanded
The horizontal summation of individual demand curves
A change in a good's own price leads to a change in quantity demanded, a move along a given demand curve
The prices of related goods, income, number of buyers, tastes, and expectations can change the demand for a good
An increase (decrease) in the price of one good causes the demand curve for another good to shift to the right (left)
An increase (decrease) in the price of one good shifts the demand curve for another good to the left (right)
If income increases, the demand for a good increases; if income decreases, the demand for a good decreases
DescriptionTerm/Concept
If income increases, the demand for a good decreases; if income decreases, the demand for a good increases
The higher (lower) the price of the good, the greater (smaller) the quantity supplied
A graphical representation that shows the positive relationship between the price and quantity supplied
A graphical representation of the amount of goods & services that suppliers are willing and able to supply at various prices
The point at which the market supply and market demand curves intersect
The price at the intersection of the market supply and demand curves; at this price, the quantity demanded equals the quantity supplied
The quantity at the intersection of the market supply and demand curves; at this, the QD = QS
A situation where quantity supplied exceeds quantity demanded
A situation where quantity demanded exceeds quantity supplied
A legally established maximum price
A legally established minimum price

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