Notes 1-4
-No buyers or seller have market power
- Similar products, same market to goods
-Markets “sets” prices, if people want it, price will go up
- Demand – anyone willing and able to purchase the product
- Law of Demand
– other things equal as price goes up quantity demands go down.
- nominal – just the number
- real – numbers are adjusted for inflation
- Similar products, same market to goods
-Markets “sets” prices, if people want it, price will go up
- Demand – anyone willing and able to purchase the product
- Law of Demand
– other things equal as price goes up quantity demands go down.
- nominal – just the number
- real – numbers are adjusted for inflation