2. Determine which of the following four sentences use the terminology of the supply and demand model

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2. Determine which of the following four sentences use the terminology of the supply and demand model correctly.

a. “The price of bicycles rose, and therefore the demand for bicycles went down.”

b. “The demand for bicycles increased, and therefore the price went up.”

c. “The price of bicycles fell, decreasing the supply of bicycles.”

d. “The supply of bicycles increased, and therefore the price of bicycles fell.”

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Principles Of Microeconomics

ISBN: 9784492370292

6th Edition

Authors: John B. Taylor, Akila Weerapana

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Question Posted: Nov 05, 2024 04:00 AM

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2. Determine which of the following four sentences use the terminology of the supply and demand model

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Principles Of Microeconomics

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