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Demand curve is a function of?
- Price of related goods
Supply curve is a function of?
- Selling Price
- Cost of Materials
- English (ascending)
- Sealed Bid
- Vickery (sealed bid)
- Dutch (descending bid)
- modified Dutch (all get lowest)
what is the deadweight loss from over supply and under supply?
- over and under supply = deadweight loss to both producer and consumer
- slope of D & S depends who bears most.