The __________ Chart Is a Tree Diagram Used to Represent

question 30

Short Answer

The __________ chart is a tree diagram used to represent a hierarchical plan.

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Definitions:

Supply Functions

Mathematical expressions that describe how the quantity of goods or services offered by suppliers changes in response to price changes.

Demand Functions

Mathematical expressions that show the relationship between the quantity demanded of a good or service and its price.

Market Equilibrium

A condition in a market where the quantity supplied is equal to the quantity demanded at a certain price level.

Markup

The amount that retailers add on to the wholesale price of an item.