Trying to Find Out What a Student Knows and Doesn't

question 14

Short Answer

Trying to find out what a student knows and doesn't know is called              .

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Definitions:

Demand

The quantity of a good or service that consumers are willing to buy at a given price over a specific period of time.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Elastic the Supply Curve

Describes a situation where the supply of a good or service changes significantly in response to changes in price.

Normal Good

A good for which demand increases as the income of consumers increase, holding other factors constant.