The Earth Rotates About Its

question 34

Multiple Choice

The Earth rotates about its

• A) axis.
• B) inclination.
• C) great circle.
• D) Equator.
• E) revolution.

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market equilibrium.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded at a given price.

Quantity Demanded

The overall quantity of a product or service that buyers are ready to buy at a specific price.

Quantity Supplied

How much of a product or service that sellers are willing and able to transact at a given price level.