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Unit 2 Chapter 5
Question | Answer |
---|---|
Intersect | To cross a point. |
Equilibrium Price | The price at which the amount demanded equals the amount supplied. |
Surplus | What happens when, at a given price, more of a good or service is available than people want to buy. |
Inventory | Products that a business has in stock and that are ready to be sold. |
Shortage | What happens when, at a given price, people want to buy more of a good or service than is available. |
Law of Supply | How much supplies is sold each year. |
Incentive | Not able to be sold. |
Cost of Production | How much money a product costs. |