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Questions and Answers
In microeconomics, what is the economic model of price determination in a market based on supply and demand called?
supply and demand
What is the relationship between the quantity demanded and supplied in a competitive market at equilibrium?
they are equal
What does the supply schedule depict graphically?
the relationship between the price of a good and the quantity supplied by producers
What is the theoretical basis of modern economics?
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In macroeconomics, what model is used to depict the determination of total output and the aggregate price level?
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