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Demand- a schedule or a graph showing the relationship between the price of a product and the amount consumers are willing and able to buy ceteris paribus Law of Demand- says there is a negative inverse relationship between the price and quantity demanded people will be willing and able to buy more if the product gets cheaper As price falls quantity demanded rises and as price rises quantity demanded falls Demand Schedule- shows the relationship between price and quantity demanded holding all other factors constant allows us to investigate the independent effect that price changes have on quantity demanded without worrying about the influence the other factors are having Supply- a schedule or graph showing the relationship between the price of a product and the amount producers are willing and able to supply ceteris paribus The schedule does not necessarily show what producers actually sell at each price There generally is a positive relationship between price and quantity supplied reflecting higher costs associated with greater production Market Equilibrium- the intersection of the demand and supply curves indicate equilibrium price and quantity in the market means stable if quantity supplied is greater than quantity demanded their will be a surplus which will force producers to lower prices which will reduce the quantity supplied while increasing quantity demanded until surplus disappears if quantity supplied is less than quantity demanded there will be a shortage which will force producers to raise prices which
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