The highest valued alternative to the choice you made is referred to as:

The inequality of our wants and resources is referred to as

In a ____________ economy, decisions are guided by what has happened in the past.

In a _________ economy, decisions are made by the government.

In a _______________ economy, decisions about the allocation of resources are made by producers and consumers.

Demand is BEST defined as

Which of these best describes the law of demand?

Which non-price factor CANNOT shift DEMAND?

Demand for a product tends to be price-inelastic when it has:

The demand curve shows an inverse relationship between

Supply is BEST defined as:

What non-price factor CANNOT affect SUPPLY?

The price at which quantity demanded and quantity supplied are equal is:

The condition where quantity supplied exceeds quantity demanded is called:

A decrease in demand will most likely cause equilibrium price to:

An increase in supply will most likely cause equilibrium price to:

Holders of common stock:

A business would use a long-term loan for all of the following, EXCEPT:

When total revenue is greater than total cost, the business has made a _________.

Investing a college education is a way fora company to improve its:

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