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3 Tutorials that teach Prevailing Price
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Prevailing Price

Prevailing Price

Author: Dan Laub
Description:
This lesson covers the prevailing price.
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Tutorial

Notes for "Prevailing Price"

Key Terms

Law of Supply

If the price of a good decreases, the quantity supplied decreases.

 

Law of Demand

The inverse correlation between price and quantity with all other variables fixed.

 

Equilibrium

The price and quantity pair at which supply and demand intersect; price and quantity at which the market clears.