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In a competitive market what happens to price when there is a decrease in the supply curve?
Price
The sum of money that is anticipated, demanded, or paid in exchange for something, representing the value of goods or services in financial terms.
Indifference Curves
represent combinations of two goods that provide the same level of utility or satisfaction to a consumer, illustrating their preferences.
Budget Constraints
The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods and services.
Utility
A measure of satisfaction or pleasure derived from consuming products or services.
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