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Figure 1.2
Using the figure above, identify the labeled part.
-Label P: ______________________________
Yield Per Acre
The amount of a crop produced on one acre of land.
Lemonade Market
A hypothetical or real market scenario used to explain basic economic concepts, often involving the buying and selling of lemonade.
Lemons
A bright yellow, acidic fruit commonly used for its juice, zest, or as a garnish in cooking and baking.
Supply
The total amount of a good or service available for purchase at all possible prices in a given market, at a given time.