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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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Presentation on theme: "Demand: a list of prices and the quantities that would be purchased at those prices, holding all other things constant."— Presentation transcript:

1 demand: a list of prices and the quantities that would be purchased at those prices, holding all other things constant.

2 The demand is the entire curve.

3 Quantity Demanded quantity demanded: the quantity bought at a particular price. It is a point on the demand curve.

4 Equations Equation of demand: q=f(p) Inverse demand: p=f(q)

5 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.

6 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.

7 quantity supplied the quantity sold or rented out at a particular price. It is a point on the supply curve.


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