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Flashcards in Unit 2 Vocabulary Deck (4)
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Law of Supply

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


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.


Market Clearing Price (equilibrium)

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


Determinants of Supply

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