Competitive markets and demand 3.0 / 5 based on 1 rating ? EconomicsCompetitive marketsASOCR Created by: JadeCreated on: 20-11-12 19:37 What is a market? A market is where or when buyers and sellers meet to trade or exchange products. 1 of 10 Prices fluctuate - if a producer increases their supply, price will... Fall 2 of 10 What is a sub market? A recognised or distinguishable part of a market 3 of 10 What is demand? The quantity of a product that consumers are able and willing to purchase at various prices over a period of time 4 of 10 What is notional demand? The desire for a product 5 of 10 What is effective demand? The willingness and ability to buy a product 6 of 10 The definition of demand assumes that all other things that affect demand for a product .....? Do not change 7 of 10 What is ceterius paribus? 'other things being equal' - assuming other variables remain unchanged 8 of 10 There is an _________ relationship between the price of a product and quantity demanded Inverse 9 of 10 What is a demand curve? A demand curve shows the relationship between the quantity demanded and the price of a product 10 of 10
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