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Unit 2/Microeconomics ACTIVITY 19 ANSWER KEY Shifts in Supply and Demand Part A. https://www.studocu.com/en-us/document/university...... Unit 2 is primarily aligned with Chapters 4 and 5 as well in the textbook as well as the section of Chapter 6 that discusses equilibrium. UNIT 3 Microeconomics KEY IDEAS - Libertyville Advanced Placement Economics Microeconomics: Student Activities ' National Council on Economic Education, New York, N.Y. 127 3 Microeconomics KEY IDEAS Filesize: 1,021 KB Microeconomics Unit 1 Sample Questions Answer Key Author: certrofisio.com.br-2021-02-21T00:00:00+00:01 Subject: Microeconomics Unit 1 Sample Questions Answer Key Keywords: microeconomics, unit, 1, sample, questions, answer, key Created Date: 2/21/2021 6:02:37 PM Prices/availability of inputs (resources), Legal cap on prices designed to keep prices artificially low - go below equilibrium and result in a shortage, Minimum legal price sellers can sell a product - floors go above equilibrium and result in a surplus, If TWO curves shift at the same time, EITHER price or quantity will be indeterminate, Equation- Percent change in quantity demanded (over) Percent change in price, Equation- Percent change in quantity supplied (over) Percent change in price, Shows what happens to one product when the price changes for a different product, Shows what happens to a product when there is a change in income, Difference between how much people are willing to pay and the price they do pay, Difference between the price and how much the seller is willing to sell the product for, Lost efficiency when the optimal quantity is not being produced. 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