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3 Cards in this Set
- Front
- Back
Competitive market |
Many buyers and sellers no individual buyer or seller can influence the price of the product |
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Law of demand |
Price of good rises, the quantity demanded decreases. Price of good falls the quantity demanded increases Other things remaining the same (ceteris paribus) |
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Demand |
Relationship between the quantity demanded and the price of the good when all other influences on buying plans remain the same |