Key Terms
Question
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tRDD6JxCS9R0+niC15Enlcfn
Competitive market
Supply and demand model
Demand schedule
Quantity demanded
Demand curve
Law of demand
Change in demand
Movement along the demand curve
Substitutes
Complements
Normal good
Inferior good
Individual demand curve
Quantity supplied
Supply schedule
Supply curve
Law of supply
Change in supply
Movement along the supply curve
Input
Individual supply curve
Equilibrium
Equilibrium price
Market-clearing price
Equilibrium quantity
Surplus
Shortage