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If We Observe an Increase in the Price of a Good

question 159

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If we observe an increase in the price of a good and an increase in the amount of the good bought and sold, this could be explained by


Definitions:

Divide

A mathematical operation in which one number (the dividend) is divided by another (the divisor), resulting in a quotient and sometimes a remainder.

Lowest Common Denominator

The smallest common multiple of the denominators of two or more fractions.

Percentage

A fraction or ratio expressed as a part of 100.

Improper Fraction

A fraction where the numerator is greater than or equal to the denominator, indicating a value greater than or equal to one.

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