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ECON - Supply and Demand Flashcards | StudBud
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ECON - Supply and Demand
As price increases, quantity demanded decreases
Market Clearing Price
ECON - Supply and Demand
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1
Market Clearing Price
Shortage
Surplus
Equilibrium
Free Market Economy
2
As price increases, quantity demanded decreases
Law of Supply
Shortages
Surpluses
Law of Demand
3
Adam Smith
Law of Supply
Law of Demand
Free Market Economy
Communism
4
Must have now
inelastic demand
elastic demand
Demand exceeds supply
Surpluses
5
Supply exceeds demand
Surplus
Shortage
Market equilibrium price
Elasticity
6
Responsiveness of buyer demand to changes in price
Market Clearing Price
Inelastic Demand
Elasticity
Elastic Demand
7
Demand exceeds supply
Shortages
Surpluses
Equilibrium
Elasticity
8
The U.S. has a command economy
True
False
9
Willingness and ability to buy
Surpluses
Demand
Shortages
Supply
10
Karl Marx
Wealth of Nations
Communist Manifesto
Elasticity
Free Market Economy
