TOPIC 2: COMPETITIVE MARKETS AND HOW THEY WORK
- Created by: james
- Created on: 29-03-13 13:22
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TOPIC 2: COMPETITIVE MARKETS AND HOW THEY WORK
- Define a market
- What are the determinates of demand?
- What are the determinates of supply?
- Define equilibrium
- What is the economic term for excess supply?
- What is the economic term for excess demand?
- Define and give the formula for PED
- When is a good PED elastic and inelastic
- Define and give the formula for PES
- When is a good PES elastic and inelastic
- Define a minimum price
- Define a maximum…
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