CHAPTER 3 - CHAPTER 3 1 A market A reflects upsloping...

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CHAPTER 3 1. A market: A) reflects upsloping demand and downsloping supply curves. B) entails the exchange of goods, but not services. C) is an institution which brings together buyers and sellers. D) always entails face-to-face contact between buyer and seller. Ans: C 2. The demand curve shows the relationship between: 3. A demand curve: 4. "When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower." This statement describes:
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