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definitions Focus your studying with a path Get faster at matching terms Economists often use the ceteris paribus or "other things being equal" assumption: while examining the economic impact of one event, all other factors remain unchanged for the purpose of the analysis. Factors that can shift the demand curve for goods and services, causing different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or compliment goods, and expectations about future conditions and prices. Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price include input prices, natural conditions, changes in technology, and government taxes, regulations or subsidies. Recommended textbook solutionsIs a table that shows a range of prices for a certain good or service and the quantity demanded at each price?A demand schedule is a table that shows the quantity demanded at different prices in the market. A demand curve shows the relationship between quantity demanded and price in a given market on a graph. The law of demand states that a higher price typically leads to a lower quantity demanded.
What do you call to the table showing how the quantity of a good and services that producers want to sell changes as the price of that good or service changes?A supply schedule is a table that shows the quantity supplied at each price.
What is the price of a good or service in terms of another good or service?A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices.
Which of the following is the only price where quantity demanded is equal to quantity supplied?The equilibrium is the only price where quantity demanded is equal to quantity supplied.
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