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Key Terms
Demand
The amount of a good or service consumers are willing and able to ___ at different prices during a specific period.
Law of Demand
States there's an ___ relationship between price and quantity demanded.
Change in Quantity Demanded
A movement ___ the demand curve, caused ONLY by a change in the good's ____________ price.
Change in Demand
A ___ of the entire demand curve, caused by non-price determinants (TRIBE).
Substitutes
Goods used in place of one another; if the price of one goes up, demand for the other shifts ___.
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