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GOVERNMENT: A political body exercising control and authority over a group of individuals. Governments allocate resources based on laws and the command of the government.

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Lesson 7: Market Equilibrium | Unit 3: A Graph Page: 11 of 22

Topic: The Equilibrium <=PAGE BACK | PAGE NEXT=>

This market graph combines the forces of demand and supply.
  • Equilibrium is achieved as each side of the market seeks a mutually agreeable exchange.
  • The equilibrium price is 50 cents and the equilibrium quantity is 400 tapes. At this 50-price, the quantity demanded is equal to the quantity supplied.
  • At no other price is the quantity demanded and supplied equal.
  • That's equilibrium.

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DETERMINANT

This has one of two somewhat related meanings. First, it refers to a ceteris paribus factor that is held constant when a curve or graphical relation between two other variables is constructed. Second, it refers to a known directional change in a variable resulting from the disruption of an equilibrium that is identified using comparative statics.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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GLS
Generalized Least Squares
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