Fill in the blanks to make the following statements correct. a. Ceteris paribus, the price of a

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Fill in the blanks to make the following statements correct.

a. Ceteris paribus, the price of a product and the quantity demanded are related ________

b. Ceteris paribus, the price of a product and the quantity supplied are related ________

c. At any price above the equilibrium price there will be excess__________ . At any price below the equilibrium price there will be excess _________ .

d. The equilibrium price is the price at which quantity demanded _______ quantity supplied.

e. An increase in demand for some product will usually cause its equilibrium price to __ and also cause an increase in _________

f. A decrease in the supply of some product will usually cause its equilibrium price to _______(\_\)and also cause a decrease in ________

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Macroeconomics

ISBN: 9780133910445

15th Edition

Authors: Christopher T S Ragan

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