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Use the following to answer questions:
Figure: The Consumption of Video Games and E-Books
-(Figure: The Consumption of Video Games and E-Books) Look at the figure The Consumption of Video Games and E-Books. Which chart shows the effects of an increase in the price of video games when video games and e-books are substitutes but not perfect substitutes?
Quantity Supplied
the amount of a good or service that producers are willing and able to sell at a given price over a specific period.
Quantity Demanded
The aggregate sum of a product or service that buyers are prepared to buy at a determined price point, at a certain moment.
Surplus
The situation in which the quantity of goods produced exceeds the quantity demanded, often leading to a drop in prices.
Supply Increases
Refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level rises, often leading to a decrease in prices if demand remains constant.
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