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of 9 available terms

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3 Written Questions

3 Multiple Choice Questions

  1. a market in which products are sold by firms and bought by households
  2. the point at which quantity demanded and quantity supplied are equal
  3. the branch of economics that studies the economy of consumers or households or individual firms

3 True/False Questions

  1. market -clearing pricethe price at which the amount supplied is equal to the amount demanded

          

  2. supply and demandan economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

          

  3. price elasticityA measure of the sensitivity of demand to changes in price

          

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