Economics Exam 1

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The market supply curve

represents the sum of the quantities supplied by all the sellers at each price of the good

When the price of a good or service changes,

there is a movement along a given demand curve

verb

An action word

Which of these statements best represents the law of supply?

When the price of a good decreases, sellers produce less of the good

A decrease in the price of a good will

decrease in quantity supplied

The market demand curve

is the sum of all individual demand curves


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