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FIGURE 3-1
-Refer to Figure 3-1. The components of vectors and
are
Quantity Demanded
The total amount of a good or service consumers are willing and able to purchase at a given price.
Quantity Supplied
Quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific period.
Rationing Gasoline
Rationing gasoline is a control measure where the government limits the amount of gasoline that consumers can purchase, usually in response to supply shortages.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level in a given time period.
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