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Questions and Answers
What is the term used to describe the system of production, distribution, and consumption of goods and services in a society or a country?
What is the term used to describe the system of production, distribution, and consumption of goods and services in a society or a country?
- Market
- Entrepreneurship
- Economy (correct)
- Capitalism
In market economics, what happens when there is a limited quantity of a good in high demand?
In market economics, what happens when there is a limited quantity of a good in high demand?
- The price remains unchanged
- The price decreases
- The price becomes unpredictable
- The price increases (correct)
What is defined as the number of people who want to buy a particular product in the context of supply and demand?
What is defined as the number of people who want to buy a particular product in the context of supply and demand?
- Equilibrium
- Resources
- Scarcity
- Demand (correct)
If producers see that people want a certain good, what action do they typically take based on the text?
If producers see that people want a certain good, what action do they typically take based on the text?
In the context of market economics, what happens to the price of a good when its demand decreases significantly?
In the context of market economics, what happens to the price of a good when its demand decreases significantly?
What may lead to a decrease in supply according to the text?
What may lead to a decrease in supply according to the text?
Which factor can cause an increase in demand for a product?
Which factor can cause an increase in demand for a product?
How does technology influence supply according to the text?
How does technology influence supply according to the text?
What is NOT a factor affecting supply according to the text?
What is NOT a factor affecting supply according to the text?
Which factor can reduce the demand for a product based on the text?
Which factor can reduce the demand for a product based on the text?
What are some factors that can influence the supply of a product?
What are some factors that can influence the supply of a product?
What are some factors that can influence the demand for a product?
What are some factors that can influence the demand for a product?
How can a company increase the demand for its product?
How can a company increase the demand for its product?
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