Examlex
Match each item with a statement below:
-ruled by the IEEE 1394B standard
Shifts
Refers to changes in the position of demand or supply curves in economic models, often due to changes in external factors such as technology, preferences, or policy.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.
Price of Substitutes
The cost of alternative goods or services that consumers can purchase instead of the original item, influencing consumer choices and demand.
Supply Curve
represents the relationship between the price of a good or service and the quantity of it that suppliers are willing to produce and sell at that price.
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