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What is the law of diminishing marginal utility?

As consumption increases, the additional satisfaction from consuming one more unit decreases.

When is allocative efficiency achieved?

When marginal benefit equals marginal cost and social surplus is maximized.

What is consumer surplus?

The difference between what consumers are willing to pay and what they actually pay.

What causes a shift in the demand curve?

A change in a non-price determinant of demand.

What are the three functions of the price mechanism?

Signaling, incentive, and rationing.

What is the law of demand?

As the price of a good falls, the quantity demanded increases, ceteris paribus.

What is the substitution effect?

As the price of a good falls, it becomes more attractive compared to substitutes, increasing demand.

What causes a shift in the supply curve?

A change in a non-price determinant of supply.

What does a downward-sloping demand curve represent?

The inverse relationship between price and quantity demanded.

List three non-price determinants of supply.

Costs of production, technology, and number of firms.

What is the law of supply?

As the price of a good rises, the quantity supplied increases, ceteris paribus.

What happens when there is excess demand?

A shortage occurs, and price tends to rise to reach equilibrium.

What is the law of diminishing marginal returns?

As more units of a variable input are added, the additional output eventually decreases.

What is the income effect?

A lower price increases the consumer's real income, allowing them to buy more of the good.

What causes a movement along the supply curve?

A change in the price of the good itself.

What is market equilibrium?

The point where quantity demanded equals quantity supplied.

What causes an upward-sloping supply curve?

Increasing marginal costs and profit incentive as price rises.

What are non-price determinants of demand?

Income, tastes, future expectations, prices of related goods, and number of consumers.

What is producer surplus?

The difference between the price producers receive and their minimum acceptable price.

What causes a movement along the demand curve?

A change in the price of the good itself.

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Foreign Phone Sales in China Plunge Amid Rising Local Competition

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Coffee Prices Hit Record Highs as Supply Struggles to Meet Global Demand

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New Zealand’s Tourism Tax Hike: A Boost or Barrier for Economic Growth?

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Iceland’s TikTok Cucumber Shortage

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CHIPS act to fuel Samsung’s Texas Expansion

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Fizzled Out: Australia’s Soft Drink Shortage Due to CO2 Crunch

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Scotland to Increase Alcohol Minimum Price by 30% in Public Health Push

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UK Government to ban disposable vapes

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Kentucky Bourbon Industry Braces for Potential 50% EU Tariff

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Soaring Sugar Prices and The Global Economic Impact

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WeWork Files for Bankruptcy Amidst Debt Challenges and Remote Work Shift

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Apple Braces for Potential Fourth Quarter Revenue Decline Amid Global Challenges

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Rolls-Royce Restructuring: 2,500 Jobs on the Chopping Block!

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Dr. Martens Laces Up With New Repair Service To Embrace Sustainability

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Swiftonomics Strikes: Taylor Swift’s Tour Boosts Hotel Bucks!

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Apple’s China Wobble: When Politics Meets Tech!

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Arm’s Muscle Flex: A $50bn Chip Play on the Nasdaq!

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Luckin Coffee sells big on their new Boozy Brew

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Lego Builds Success Despite Industry Decline

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Kleenex to Wipe Away Its Canadian Operations

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Pouring Money Down the Drain: The €200M Plan to Save Wine!

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Inflation Takes a Breather: US Sees Lowest Annual Rate in Over Two Years

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Oil Prices Bounce Back as Saudi Arabia Announces Major Output Cuts

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China’s Economic Recovery Boosts Sales for U.S. Companies

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Green power surge: Renewables shatter records in 2022

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Is the government to blame for Indonesia’s surging rice prices?

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War in the EV market as Tesla slashes prices again

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Funko Pop!’s biggest customer of the year so far… the trash can!

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Canadian Alcohol consumption at historic lows

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Tesla slashes China prices in the face of fierce domestic competition

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UK prices spiraling upwards as inflation hits 40-year high

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Tesla has its own law of demand – profits soaring despite higher prices!

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Filipino drivers to receive fuel subsidies as oil prices rise

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World’s major economies to release oil reserves to lower soaring oil prices

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Saudi Aramco profits increase by almost 300%

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Groundbreaking new drug for Alzheimer’s is going to come at a cost!

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Nut prices are hitting rock bottom as global demand remains low

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French government to provide 8 billion euros to help revive their car industry

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British Supercar manufacturer McLaren to cut more than 25% of their workforce

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Hundreds of thousands of extra workers to be employed by online delivery companies

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Lobster for dinner? This luxury treat is now selling at bargain prices!

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Crude Oil takes a 30% dive as Saudi Arabia gears up for a price war

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Paper gold: could the price of toilet paper be about to skyrocket?

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Is Germany’s ice wine production the latest victim of global warming?

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Coronacrisis in Japan: hotel is forced to file for bankruptcy

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Falling phosphate exports from the disputed territory of Western Sahara

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Corona Credit Crunch for many Chinese businesses

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When supply outstrips demand: American wine at its lowest price in 20 years!

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Oil prices make a 2% comeback after a 5-day slump

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Supply of Malaysian Palm Oil fallen to two-year low

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Korean exports continuing to plummet

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Research shows excise tax to reduce alcohol consumption

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