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Definition of microeconomics concepts. Define the following terms: 1- Change in quantity demand 2- Change in quantity offered 3- Change in demand 4- Change in
Definition of microeconomics concepts.
Define the following terms:
1- Change in quantity demand
2- Change in quantity offered
3- Change in demand
4- Change in the offer
5- Determinant of demand
6- Determinant of supply
7- Positive financial statement
8- Normative economic statement
9- Law of comparative advantage
Explain in detail the difference between:
1- Change in quantity demanded versus change in demand.
2- Change in quantity offered versus change in supply.
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