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Consider an electrochemical cell with a Zn electrode in ZnSO4(aq) and a Cu electrode in CuSO4(aq) . The overall chemical reaction is
Zn(s) + Cu2+(aq) Zn2+(aq) + Cu(s)
Which one of the following statements is correct?
Market Economy
An economic system in which supply and demand from consumers drive the production of goods and services.
Price Floor
Price floor is a government or group-imposed limit below which prices cannot fall, typically set to ensure producers can cover their costs.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market balance.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a specific period.
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