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GATT 1994 Refers to the Agreement Governing the International Trade

question 23

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GATT 1994 refers to the agreement governing the international trade of goods in the WTO.


Definitions:

Price Decreases

A decline in the cost of goods or services, opposite to price increases.

Demand Curve

A diagram illustrating how consumer demand for a product changes in relation to its price.

Quantity Demanded

The overall volume of a certain good or service that individuals are prepared and financially able to buy at a set price during a specified interval.

Price

The payment expected, demanded, or issued in compensation for something.

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