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Exercise 2 - Exercise 2 1 What of the following is the best...

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Exercise 2 1. What of the following is the best statement of the idea “equilibrium”? A. Models’ characteristic that the opposing dynamic forces cancel each out; B. Models’ characteristic that the market outcome is best for all economic factors; C. description of a state where supply equals demand; D. description of a state where quantity supplied equals quantity demanded. 2. If good X has more substitutes than good Y, then: 3. Suppose there is a wheat market, a bad wheat harvest can be best described as:
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