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Understanding Microeconomics: Demand and Supply Concepts Explained

Explore the fundamental concepts of microeconomics including demand and supply dynamics, market equilibrium, elasticity, revenue, and short-run supply effects. Delve into the intricacies of quantity demanded and the factors influencing market shifts.

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Understanding Microeconomics: Demand and Supply Concepts Explained

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  1. DEMAND & SUPPLY ONQ • 10 QUESTIONS • DID THE Jo’s GET THEIR NOTES???

  2. DEFINE MICROECONOMICS. • THIS IS A GRAPH SHOWING QUANTITY DEMANDED AT EACH PRICE IN THE MARKET. • WHEN PRICE GOES DOWN, QUANTITY DEMANDED GOES UP. THIS ILLUSTRATES: • A MARKET DEMAND CURVE SHOWS THE QUANTITY DEMANDED OF ___________. • A CURVE CAN ONLY SHIFT IN WHICH DIRECTIONS?

  3. 6. ELASTICITY MEANS…... 7. IF THE PRICE OF A GOOD RISES AND YOU STILL BUY IT WHAT KIND OF DEMAND DO YOU HAVE? 8. DEFINE TOTAL REVENUE. 9. HOW DOES SHORT RUN EFFECT SUPPLY? 10. A demand curve is accurate only as long as the _____ _____assumption is true.

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