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Questions and Answers
What does 'demand' refer to?
What does 'demand' refer to?
- The competition between buyers and sellers
- The quantity of goods and services that sellers want to offer
- The price of goods and services in the market
- The quantity of goods and services that consumers want to buy (correct)
What does 'supply' refer to in the context of demand and supply?
What does 'supply' refer to in the context of demand and supply?
- The quantity of goods and services that consumers want to buy
- The competition between buyers and sellers
- The quantity of goods and services that sellers want to offer (correct)
- The price of goods and services in the market
What assumption is made in the demand and supply model?
What assumption is made in the demand and supply model?
- Buyers and sellers have no power to negotiate prices (correct)
- Buyers and sellers have limited power to negotiate prices
- Buyers and sellers have the power to negotiate prices
- Buyers and sellers have equal power to negotiate prices
In the demand and supply model, the market is in equilibrium when...
In the demand and supply model, the market is in equilibrium when...
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What is the concept of demand and supply based on?
What is the concept of demand and supply based on?
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