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Questions and Answers
According to the law of supply and demand, what happens to supply as the price of a product increases?
According to the law of supply and demand, what happens to supply as the price of a product increases?
- Supply fluctuates
- Supply remains the same
- Supply increases (correct)
- Supply decreases
According to the law of supply and demand, what happens to demand as the price of a product decreases?
According to the law of supply and demand, what happens to demand as the price of a product decreases?
- Demand remains the same
- Demand fluctuates
- Demand increases (correct)
- Demand decreases
What is the intersection of the supply and demand curves called?
What is the intersection of the supply and demand curves called?
- Equilibrium (correct)
- Supply and demand intersection
- Price discovery
- Market-clearing price
According to the law of demand, what happens to demand as the price of a product rises?
According to the law of demand, what happens to demand as the price of a product rises?
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According to the law of supply, what happens to supply as the price of a product decreases?
According to the law of supply, what happens to supply as the price of a product decreases?
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