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Microeconomics Concentration

AB
PEDresponsiveness to changes in price
YEDconsumers change behavior when income goes up
XEDcross-elasticity
complementscoffee and cream
substitutesXbox and Playstation 3
price ceilingprice set below equilibrium
price floorprice set above equilibrium
happens when price is set too highsurplus
happens when price is set too lowshortage


Social Studies teacher, Marshall High School

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