Price determination in a competitive market
- Created by: Zaid_Saleemi
- Created on: 31-03-18 12:13
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Clues
- A large fall in the price of a good X leads to only a small increase in QD of Y (4, 11)
- A large increase in the price of good X leads to a smaller increase in QD of Y (4, 11)
- A small fall in the price of good X leads to a large increase in QD of Y (5, 11)
- A small increase in the price of good X leads to a large increase in QD of Y (5, 11)
- Have a negative XED - if one good becomes more expensive the quantity demanded for both falls (13, 5)
- Less goods are supplied at the market price (6, 5, 2, 6)
- Price falls and Quantity supplied falls (11, 2, 6)
- Price increases and Quantity supplied increases (9, 2, 6)
- Price level falls - larger quantity is demanded (9, 2, 6)
- Price level increases - lower quantity is demanded (11, 2, 6)
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