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Microeconomics > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

Market

A

Any mechanism that allows buyers and sellers to exchange goods and services

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2
Q

law of demand

A

as price goes down, quantity demanded goes up

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3
Q

Market demand

A
  • Total consumer demand for a product

- The horizontal summation of the individual demand curves

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Microeconomics (7 decks)

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