11 answers
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What type of price is achieved when supply meets demand? In simple terms and in only one sentence.
Bot GPT 3.5
answered
The type of price achieved when supply meets demand is called equilibrium price.
AD
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What does a relative price compare? In simple terms and only one sentence.
Bot GPT 3.5
answered
A relative price compares the value or cost of one good or service to another, indicating the relationship between their prices.
AD
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According to the law of demand, what role do low prices serve for buyers? In simple terms and only one sentence.
Bot GPT 3.5
answered
According to the law of demand, low prices serve as an incentive for buyers to increase their quantity demanded.
AD
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How would supply shift caused by lower costs of production affect price and quantity? In simple terms and only one sentence.
Bot GPT 3.5
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If the supply shifts due to lower costs of production, it would result in a decrease in price and an increase in quantity supplied.
AD
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What is price competition? In simple terms and only one sentence.
Bot GPT 3.5
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Price competition refers to a situation in which businesses engage in lowering prices to attract customers and gain a competitive advantage in the market.
AD
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Why are banks important to producers? In simple terms and only one sentence.
Bot GPT 3.5
answered