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Chapter 3 Quiz Flashcards | StudBud
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Chapter 3 Quiz
Chapter 3 Quiz
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Flashcards
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Questions
5
Answers
1
Which of the following shifts demand?
tastes and preferences
all of the above
number of buyers
income
2
When quantity demanded is greater than quantity supplied, there is a
surplus
recession
equilibrium
shortage
3
The Law of Demand states: when a price falls, people demand
less
more
4
Which of the following shifts supply
number of sellers
prices of substitute goods
income
tastes and preferences
5
When quantity demanded and quantity supply are equal, the market has reached
surplus
shortage
its peak
equilibrium
