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Using the figure above, identify the labeled structure(s) in each of the following questions.
-Identify the structure(s) indicated by Label I.
Substitutes
Goods or services that can be used in place of each other to satisfy consumer needs or desires.
Supply Curve
A graph showing the relationship between the price of a good and the amount of it that producers are willing to sell at each price level.
Market Period
A short duration in which the quantity of goods supplied to the market cannot be changed.
Perishable Good
A type of good that has a limited shelf life and can spoil or become unusable after a certain period, such as food products.
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