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