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Supply, demand, and market equilibrium

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Law of demandLaw of demandMarket demand as the sum of individual demandSubstitution and income effects and the law of demand Price of related products and demandChange in expected future prices and demandChanges in income, population, or preferencesNormal and inferior goodsInferior goods clarificationWhat factors change demand?Lesson summary: Demand and the determinants of demand
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Demand and the law of demandGet 5 of 7 questions to level up!
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Law of supplyChange in supply versus change in quantity suppliedLaw of supplyFactors affecting supplyWhat factors change supply?Lesson summary: Supply and its determinants
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Supply and the law of supplyGet 3 of 4 questions to level up!
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Market equilibriumMarket equilibriumChanges in market equilibriumChanges in equilibrium price and quantity when supply and demand changeChanges in equilibrium price and quantity: the four-step processLesson summary: Market equilibrium, disequilibrium, and changes in equilibrium
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Market equilibrium and disequilibriumGet 3 of 4 questions to level up!
Changes in equilibriumGet 3 of 4 questions to level up!

About this unit

In this unit we explore markets, which is any interaction between buyers and sellers. We start by deriving the demand curve and describe the characteristics of demand. Next, we describe the characteristics of supply. Finally, we explore what happens when demand and supply interact, and what happens when market conditions change.