Economics 3

a market equilibrium with many buyers and sellers

a situation in which quantity demanded equals quantity supplied

• price of resource
• technology of production
• seling price of production substitute
• number of firms
• expected future prices

increases in price causes increases in the quantity supplied and vice versa, ceteris paribus

a curve tha shows the relationship between the price of a product and the quantiy of the product supplied

a table that shows the relationship between the price of a product and the quantity of the product supplied

the amount of a good or service that a firm is willing ad able to supply at a given price

• income
• price or desirability of related goods
• tastes and preferences
• populations and demographics
• expected future prices

the change in the quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing power

the change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitutes

when the price of a product falls, the quantity demanded of the product will increase, and vice versa, ceteris paribus

the demand byall consumers of a given good

curve that shows the relationship between the price of a product and the quantity of the product demanded

amount of a good that a consumer is willing and able to purchase at a given price

a table showing the relationship between the price of the product and th quantity of the product demanded

• 1. Many buyers and sellers
• 2. homogenous product
• 3. no barriers