
Economics
Authored by Morgan Freeman
Education
4th Grade
Used 13+ times

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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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