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Supply and Demand

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises  
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show the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises  
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show the amount of a good that buyers are willing and able to purchase  
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show the amount of a good that sellers are willing and able to sell  
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Demand Schedule   show
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Supply Schedule   show
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Demand Curve   show
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show a graph of the relationship between the price of a good and the quantity supplied  
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Equilibrium   show
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show a situation in which quantity demanded is greater than quantity supplied  
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Surplus   show
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Created by: dillon.nerud
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