Within the Diamond Model, Demand Conditions Refer to the Inputs

question 2

True/False

Within the diamond model, demand conditions refer to the inputs that firms need in order to create goods and services.

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Definitions:

Efficient

Achieving maximum productivity with minimum wasted effort or expense; effectively utilizing resources.

Equitable

Fair and impartial treatment or distribution, often in the context of socio-economic policies.

Excess Supply

When the quantity supplied of a good exceeds the quantity demanded.

Excess Demand

When the quantity demanded of a good exceeds the quantity supplied.