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Applied Economics Practice Questions — Set 2

SM announces a 50% sale. What happens in economics terms?

What shifts the supply curve to the right?

If both supply and demand increase simultaneously, what happens to equilibrium?

What is the difference between "demand" and "quantity demanded"?

What is ceteris paribus in economics?

What is price elasticity of demand?

What is elastic demand?

What is inelastic demand?

Rice in the Philippines typically has what type of demand elasticity?

What makes demand more elastic?