AP Microeconomics Unit 2 Exam Review and Answers
AP Microeconomics Unit 2 Exam Review and Answers the quantity of a product that will be purchased at various possible prices - Answer>> demand there is an inverse relationship between price and quantity demanded - Answer>> Law of Demand a lower price enables you to buy more with the same income - Answer>> income effect a lower price makes you substitute (demand) the lower priced product instead of other similar products - Answer>> substitution effect the more you have of something, the less each new item satisfies you; prices need to be lowered to get you to buy (demand) more - Answer>> Law of Diminishing Marginal Utility
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