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Demand
Quantity Demanded
Demand Schedule
(price and gallons of gas)
Demand Curve
(downward b/c of law of demand;
inverse relationship)
Q: Which refers to consumers buying less goods when prices go up?
Law of Demand
(up down)
Supply
Quantity Supplied
Supply Schedule
Supply Curve
Law of Supply
(up up)
Equilibrium
(demand meets supply)
Equilibrium Price
Excess Supply
(Surplus)
Excess Demand
(Shortage)
Shift in Demand
