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Midterm 2 Study Guide: Demand, Supply, Consumers, and Sellers (Chapters 4–6)

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The Demand Curve

Shifts in the Demand Curve

The Supply Curve

Shifts in the Supply Curve

Market Equilibrium

Effects of Shortage

Marginal Analysis

Budget Constraint

Consumer Surplus and Willingness to Pay

Percentage Change and Price Elasticity of Demand

Cross-Price Elasticity of Demand

Income Elasticity of Demand