Questions and Answers
Which field of study focuses on the behavior and interactions of economic agents and how economies work?
What does macroeconomics analyze?
What is the distinction between positive economics and normative economics?
What is the main focus of economics?
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What are the two broad distinctions within economics?
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What is the purpose of the demand and supply curves model?
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What happens when there is a shortage in the market?
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What is the equilibrium price?
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What is the quantity demanded when there is a shortage in the market for coffee at a price of $4 per pound?
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What causes an increase in the quantity supplied in the face of a shortage?
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