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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 5: Demand | Unit 4: Determinants Page: 15 of 20

Topic: Shifters: Decrease <=PAGE BACK | PAGE NEXT=>

Demand determinants shift the demand curve.
  • The demand curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
  • A change in one of the determinants can cause:
  • A decrease in demand, a leftward shift, which means that for any price, for every price, buyers are willing and able to buy less of the good.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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