ECON 201 Chapter Notes - Chapter 3: Demand Curve, Economic Equilibrium, Market Price
Document Summary
Supply and demand: a model of a competitive market. Competitive market: a market in which there are many buyers and sellers of the sam. No individual"s actions have a noticeable effect on the price at which the good. The set of factors that cause the demand curve to shift ad the set of factors th shift. Market equilibrium, includes the equilibrium price and equilibrium quantity. The way the market equilibrium changes when the supply curve or demand cu. Higher the price, the less of the good or service people want to purchase and vice ve. Demand schedule: a table showing how much of a good or service consumers will w. Law of demand: people demand a smaller quantity of a good if the price is high. Change in quantity demanded at any given price due to outside factors changi. Movement along the demand curve: changes in the quantity demanded of a g that good"s price.