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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 13 of 20

Topic: Ceteris Paribus Factors <=PAGE BACK | PAGE NEXT=>

Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect demand.
  • These other, ceteris paribus factors, give us useful analytical tools for examining demand and the market.
  • We can turn these factors off and on to better understand how the market works.
  • The ceteris paribus factors are called demand determinants.

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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for mail order catalogs with hidden messages.
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