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question 25

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Interpret the consequences of changes in factors affecting demand and supply on market outcomes.
Understand the concept of market equilibrium and how changes in supply and demand affect equilibrium price and quantity.
Comprehend the effects of complementary and substitute goods on market dynamics.
Analyze the impact of external factors such as technology, income, and consumer preferences on market equilibrium.

Definitions:

Temperature Increase

A rise in the average temperature of the Earth's climate system, often attributed to global warming and human activities.

Past Century

The period of 100 years immediately preceding the current moment.

Global Warming

The long-term increase in Earth's average surface temperature due to human activities, especially the emission of greenhouse gases, leading to significant climatic and environmental changes.

Carbon Dioxide

A colorless, odorless gas produced by burning carbon and organic compounds and by respiration. It is naturally present in the air and is absorbed by plants in photosynthesis.

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