Economics is the study of

A resource is scarce if supply exceeds demand at zero price

The opportunity cost of a good is

A market can accurately be described as

A command economy decides resource allocation by government planning

In a free market __________ ___________

In the mixed economy

Positive economics studies objective explanations of the workings of the economy

Normative economics forms ___________ based on _____________

Microeconomics is concerned with

Macroeconomics is the study of ___________________

When we know the quantity of a product that buyers wish to purchase at each possible price, we know

Price ceilings are imposed increase price above the free market equilibrium price

The equilibrium price clears the market; it is the price at which ________ _________

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