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Flashcards in Unit 2 Vocabulary Deck (4)
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1

Law of Supply

tendency of suppliers to offer more of a good at higher price.

2

Law of Demand

economic law that states that consumers buy more of a good when it's price decreases and less when it's price increases.

3

Market Clearing Price (equilibrium)

the point at which quantity demanded and quantity supplied are equal.

4

Determinants of Supply

factors other than price that causes producers to make and sell more or less of a good/service.