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Change in quantitiy supplied:

1. change in price
2. movement along the curve

1

Change in supply:

1. change in something other than the price
2. shift of the curve

2

Change in quantitiy demanded:

1. change in price
2. movement along the demand curve

3

Change in demand:

1. change in something other than the price
2. shift of the entire demand curve

4

By what are equilibrium prices determined?

By the relative level of supply and demand.

5

By what is the impact on the equilibrium price and quantity determined, when supply and demand change simultaneously?

1. relative size and direction of the change
2. shape of the supply and demand models

6

What is the primary determinant of price elasticity of demand?

Availability of substitutes

1. many -> price elastic
2. few -> price inelastic