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