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Exists when there is no significant change in quantity demanded as a response to a change in price. (gas, cigarette)
Exists when there is no significant change in quantity demanded as a response to a change in price. (gas, cigarette)
o Inelastic Demand –
Exists when there is equal change in price and quantity demanded (increase or decrease)
Exists when there is equal change in price and quantity demanded (increase or decrease)
o Unitary Demand –
it is the willingness of a producer to manufacture goods.
it is the willingness of a producer to manufacture goods.
• Supply –
is the plot or graph of the quantity supplied versus the price.
is the plot or graph of the quantity supplied versus the price.
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is the schedule or table listing of the quantity supplied with the corresponding price.
is the schedule or table listing of the quantity supplied with the corresponding price.
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the supply is less than the demand.
the supply is less than the demand.
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the supply exceeds the demand.
the supply exceeds the demand.
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the supply is equal to the demand.
the supply is equal to the demand.
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is the place where the vendors and buyers meet to transact.
is the place where the vendors and buyers meet to transact.
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“divisoria and Baclaran” – (Many Sellers and Many Buyers) - occurs in a situation where a commodity or service is supplied by several vendors and there is nothing to
“divisoria and Baclaran” – (Many Sellers and Many Buyers) - occurs in a situation where a commodity or service is supplied by several vendors and there is nothing to
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