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Questions and Answers
Which of the following is a key concept in economics that explains the relationship between the availability of a product and the desire for that product?
Which of the following is a key concept in economics that explains the relationship between the availability of a product and the desire for that product?
- Supply and demand (correct)
- Monopoly and competition
- Cost and benefit
- Inflation and deflation
What does the term 'supply' refer to in economics?
What does the term 'supply' refer to in economics?
- The quantity of a product that consumers are willing to buy
- The demand for a product in the market
- The quantity of a product that producers are willing to sell (correct)
- The price at which a product is sold
What does the term 'demand' refer to in economics?
What does the term 'demand' refer to in economics?
- The supply of a product in the market
- The quantity of a product that producers are willing to sell
- The price at which a product is sold
- The quantity of a product that consumers are willing to buy (correct)
What is price fixing?
What is price fixing?
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Why is price fixing considered illegal?
Why is price fixing considered illegal?
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What are the consequences of engaging in price fixing?
What are the consequences of engaging in price fixing?
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