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More cards in this set
Card 6
Front
What happens to the supply or demand line due to a change in price of a product?
Back
Card 7
Front
What happens to the supply or demand line due to a change in condition?
Back
Card 8
Front
What does ceteris paribus mean?
Back
Card 9
Front
What does PED stand for
Back
Card 10
Front
If the PED is Elastic and the Price rises - what happens to the revenue
Back
Card 11
Front
If the PED is Inelastic and the Price rises - what happens to the revenue
Back
Card 12
Front
What is market equilibrium?
Back
Card 13
Front
What are the 3 characteristcs required to ensure perfectly competitive firms?
Back
Card 14
Front
What is a Monopoly?
Back
Card 15
Front
What is a negative response to Monopoly Market?
Back
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