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Market Efficiency Notes

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Notes including demand, consumer and producer surplus, equilibrium, inefficiency, deadweight loss and more

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9 Pages Partial Study Notes 1-2 Years old
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Market Efficiency Notes
Topics this document covers:
Economy Economics Microeconomics Price controls Market structure Demand Market Pricing Deadweight loss Economic surplus Supply and demand Price floor
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Economics Microeconomics Price controls Market structure Demand Market Pricing Deadweight loss Economic surplus Supply and demand Price floor
Sample Text:
A competitive market is the result of thousands of individual buyers and sellers interacting with one another. Demand reflects the intentions of buyers and is a measure of the benefits buyers receive from consuming goods and services. Supply reflects the intentions of sellers and is a measure of the costs sellers bear in producing goods and services. The price consumers pay matches the cost of resources used to produce the particular good or service. Price is a way to measure the benefit that consumers obtain from consuming a good and at the same time, price is the measure of the value of resources have been used to produce the good. In a planned economy, a central authority determines what is to be produced rather than consumers. This central authority decided the priorities for production and then sets out very detailed plans for the allocation of resources. If price i...
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