Chapter 14 Equilibrium and Efficiency What Makes a Market Competitive? Buyers and sellers have absolutely no effect on price Three characteristics: Absence of transaction…

Supply Supply What is Supply? Supply-The amount of a product that would be offered for sale at all possible prices that could prevail in the market Do not forget, this is…

Supply Constance Wehner The Law of Supply Firms will generally produce and offer for sale more of their product at a high price than at a low price. Supply is just like demand,…

Aggregate Demand and Aggregate Supply: Explaining economic fluctuations - Revision of main concepts Francesco Daveri Two key facts on fluctuations Economic fluctuations occur…

Chapter 14 Equilibrium and Efficiency What Makes a Market Competitive? Buyers and sellers have absolutely no effect on price Three characteristics: Absence of transaction…