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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?
In market economics, what happens when there is a limited quantity of a good in high demand?
What is defined as the number of people who want to buy a particular product in the context of supply and demand?
If producers see that people want a certain good, what action do they typically take based on the text?
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In the context of market economics, what happens to the price of a good when its demand decreases significantly?
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What may lead to a decrease in supply according to the text?
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Which factor can cause an increase in demand for a product?
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How does technology influence supply according to the text?
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What is NOT a factor affecting supply according to the text?
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Which factor can reduce the demand for a product based on the text?
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What are some factors that can influence the supply of a product?
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What are some factors that can influence the demand for a product?
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How can a company increase the demand for its product?
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