ECN 104 Chapter Notes - Chapter 4: Demand Curve, Market Price, Takers

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Chapter 4 the market forces of supply and demand. Market a group of buyers and sellers of a particular product. Competitive market many buys and sellers, each has a negligible effect on price. Perfectly competitive market: all good exactly the same, buyers and sellers are so numerous that no one can affect the market price. Price takers everyone must accept the price the market determines. Quantity demanded the amount of the good that buyers are willing and able to purchase. Law of demand claim that the quantity demanded of a good falls when the price rises, other things equal. Demand schedule a table that shows the relationship between the price of a good and the quantity demanded. Demand curve a graph of the relationship b/w the price and quantity demanded. Market demand the sum of all the individual demands for a good. Price causes a movement along the d curve not a.

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