EconomicsNicky Ch 2 Test
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| A. the effect of a price change on quantity suppliedB. an excess of quantity supplied over quantity demandedC. the relationship between the various possible
prices of a product and the
quantities of the product that
businesses are willing to supplyD. the amount of a product consumers are willing to purchase at each priceE. a table that shows possible combinations of
prices and quantities supplied
of a productF. factors that can cause an increase or a
decrease in a product’s supplyG. an increase in the quantity supplied
of a product at all pricesH. the stable point at which demand
and supply curves intersectI. a graph that expresses possible combinations
of prices and quantities supplied
of a productJ. an excess of quantity demanded over quantity suppliedK. a decrease in the quantity supplied
of a product at all pricesL. the sum of all consumers’ quantity demanded
for a product at each priceM. an increase in the quantity demanded
of a product at all pricesN. the effect of a price change on quantity demandedO. products that can be consumed in place of one anotherP. a graph that expresses possible combinations
of prices and quantities
demanded of a product |
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