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Published byHidde Dijkstra Modified over 5 years ago
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demand: a list of prices and the quantities that would be purchased at those prices, holding all other things constant.
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The demand is the entire curve.
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Quantity Demanded quantity demanded: the quantity bought at a particular price. It is a point on the demand curve.
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Equations Equation of demand: q=f(p) Inverse demand: p=f(q)
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a greater quantity demanded as a substitute for other goods.
law of demand A higher price never causes a greater quantity demanded as a substitute for other goods.
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the quantities that would be sold or rented at those prices,
Supply a list of prices and the quantities that would be sold or rented at those prices, holding all else constant.
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quantity supplied the quantity sold or rented out at a particular price. It is a point on the supply curve.
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