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Question 22
In an answer of at least two well-developed paragraphs, provide a definition of the law of supply, and describe the factors that will cause a shift in the supply of a product. Provide an example of your own that illustrates how these factors affect supply.
Question 23
In an answer of at least two well-developed paragraphs, define the terms shortage and surplus and explain how each impact the prices of goods in the marketplace.
Question 24
In an answer of at least two well-developed paragraphs, explain how supply and demand work together to reach the equilibrium price in the marketplace.
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