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4
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the change in consumption resulting from a change in real income
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6
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a good that consumers demand less of when their income increases
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7
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situation in which quantity supplied is greater than quantity demanded; excess supply
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8
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all other things held constant
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9
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a table that lists the quantity of a good a person will buy at each different price
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10
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a graphic representation of a demand schedule
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11
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the cost of producing one more unit of a good
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13
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a minimum price for a good for a good or service
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14
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describes demand that is not very sensitive to a change in price
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16
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when consumers react to an increase in a good's price by consuming less of that good and more of other goods
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17
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a chart that lists how much of a good a supplier will offer at different prices
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19
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fixed costs plus variable costs
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20
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the amount a supplier is willing and able to supply at a certain price
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22
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describes describes demand that is very sensitive to a change in price
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