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Questions and Answers
Which concept is at the core of economics?
Which concept is at the core of economics?
- Law of Averages
- Law of Supply and Demand (correct)
- Law of Gravity
- Law of Diminishing Returns
What does the Law of Supply and Demand help explain?
What does the Law of Supply and Demand help explain?
- The prices of different items (correct)
- The impact of inflation
- The production of goods
- The distribution of income
Which of the following is NOT a component of the Law of Supply and Demand?
Which of the following is NOT a component of the Law of Supply and Demand?
- Price
- Demand
- Supply
- Production (correct)
According to the Law of Supply and Demand, what happens to the demand for an item as its price increases?
According to the Law of Supply and Demand, what happens to the demand for an item as its price increases?
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What do companies want to do when the price of an item decreases?
What do companies want to do when the price of an item decreases?
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What is the point at which the lines of supply and demand cross, setting the price called?
What is the point at which the lines of supply and demand cross, setting the price called?
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What happened to the sales of the Playstation 3 console when it was initially released at a high price?
What happened to the sales of the Playstation 3 console when it was initially released at a high price?
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What did Sony do to increase the demand for the Playstation 3 console?
What did Sony do to increase the demand for the Playstation 3 console?
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