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Questions and Answers
What is the term used to describe the responsiveness of quantity demanded to a change in price?
What is the term used to describe the responsiveness of quantity demanded to a change in price?
- Supply and demand
- Price elasticity (correct)
- Consumer surplus
- Market equilibrium
What is the primary focus of the ten principles of economics?
What is the primary focus of the ten principles of economics?
- Resource allocation
- Maximizing profits
- Understanding human behavior (correct)
- Government intervention
What happens when the market price is above the equilibrium price?
What happens when the market price is above the equilibrium price?
- Demand increases
- Consumer choice expands
- Market forces adjust
- A surplus occurs (correct)
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