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| desire to own something and the ability to pay for it |
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| system of allocating scarce goods and services using criteria other than price |
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| situation in which quantity supplied is greater than quantity demanded |
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| situation which quantity demanded greater than quantity supplied |
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| market structure in which a few large firms dominate a market |
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| government payment that supports a business or market |
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| demand for good that you will keep buying despite price increase |
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| tendency of suppliers to offer moreof a good at a higer price |
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| minimum price that an employer can pay a worker for an hour of labor |
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| point of balence between price and quantity |
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| when good's price lower, consumers buy more of it |
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| cost that rise or fall depending on quantity produced |
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| a market dominated by a single seller |
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| buy good much less after a small price increase |
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| cost of producing one more unit of a good |
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| goods used in place of one another |
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| a price ceiling placed on rent |
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| cost that does not change, no matter how much of a good is produced |
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| an agreement among firms to divide the market, set prices, or limit production |
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| additional income from selling from selling one more unit of a good;sometimes equal to price |
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| market structure in which many companies sell products that are similar but not identical |
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| outlawed mergers and monoolies that limit trade between states |
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| economist description of way that consumers respond to price change |
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| a market structure in which a large # of firms all produce the same product |
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