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If supply is low and demand is high, the price of an item will be?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
Farmers in the Midwest report that a drought has damaged much of the wheat crop that is used to make bread. What is most likely to happen as a result of the drought?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
What do you call the process of combining resources to produce goods and services
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
Mike has $10. He can buy a CD or a shirt. He decides to buy a CD. What term best represents the shirt?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
A buy one get one free sale is an example of which economic term?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
A winter storm downed power lines and left the town without electricity for a week. Stores quickly ran out of supplies consumers wanted to buy. What economic term is described?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
What determines the price of a good or service?
Bread prices will go up
Incentive
High
The influence of supply and demand on each other
Production
His opportunity cost
Scarcity
Sale price
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