So dont include value added and wages in calculating

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Unformatted text preview: l shift or biased towards one of the goods. Chapter 4 1. Just to annoy you some more, the demand (supply) and the quantity demanded (supplied) are NOT the same. The demand (supply) refers to the demand curve (supply curve). That is, the whole relationship between price and quantity demanded (supplied). The quantity demanded (supplied) refers to the specific amount a buyer (seller) wants to buy (sell) at a specific price. That is, one point in the demand (supply) curve, not the whole curve. This implies that changes in demand (supply) shift the whole curve, while changes in the quantity demanded (supplied) are movements along the curve. 2. Why is the demand (supply) curve negatively (positively)- sloped? 3. What factors shift the demand (supply) curve and in which direction? 4. How are equilibrium prices and quantities...
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