Mastering Supply
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Questions and Answers

According to economists, what are the three magic words that determine the price of a good or service in a market?

  • I love you
  • Life, liberty, happiness
  • Liberty, equality, fraternity
  • Supply, demand, price (correct)
  • What determines supply and demand in a market?

  • Perfect competition
  • Technology and conditions (correct)
  • Large number of sellers and buyers
  • One seller and one buyer
  • In a market with a large number of virtually identical sellers and buyers, what type of competition is present?

  • Perfect competition (correct)
  • Monopolistic competition
  • Oligopoly
  • Monopoly
  • What are the three little words that captured the French Revolution?

    <p>Liberty, equality, fraternity</p> Signup and view all the answers

    What are the three little words that are at the heart of the U.S. Declaration of Independence?

    <p>Life, liberty, happiness</p> Signup and view all the answers

    What are the three words that are considered the magic words by many economists?

    <p>Supply, demand, price</p> Signup and view all the answers

    What type of market is characterized by a large number of virtually identical sellers and buyers?

    <p>Perfect competition</p> Signup and view all the answers

    What determines supply and demand in a market?

    <p>Technology and conditions</p> Signup and view all the answers

    What are the three words that captured the French Revolution?

    <p>Liberty, equality, fraternity</p> Signup and view all the answers

    In a market transaction between a seller and a buyer, what determines the price of a good or service?

    <p>Supply and demand</p> Signup and view all the answers

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