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Economics

Authored by Morgan Freeman

Education

4th Grade

Used 13+ times

Economics
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81 questions

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1.

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1 min • 1 pt

It refers to how much (quantity) of a product or service is desired by buyers

2.

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1 min • 1 pt

It states that when prices rise, the quantity of demand falls. That also means that when prices drop, demand will grow. 

3.

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1 min • 1 pt

These are goods on which quantity demand at every price increases when income rises

4.

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1 min • 1 pt

These are goods on which quantity demanded falls when income rises (instant noodles, canned goods, and frozen cheap foods)

5.

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1 min • 1 pt

It is the relationship between the quantity of the good demanded and the price of that good.

6.

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1 min • 1 pt

It  states that the higher the price of a good, the less people will demand that good.

7.

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1 min • 1 pt

This is the minimum fixed price that sellers can charge 

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