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-Refer to the above production possibilities curves.The movement from curve (a)to curve (b)implies an increase in the quantity and/or quality of society's productive resources.
Law Of Demand
The economic principle stating that, all else being equal, as the price of a good or service decreases, consumer demand for it will increase, and vice versa.
Quantity Demanded
The quantity demanded is the amount of a good or service that consumers are willing and able to purchase at a given price, holding all else constant.
Price
The amount of money required to purchase a good, service, or asset, often influenced by factors like supply and demand.
Demand Increase
A situation in which the desire for a product or service rises, leading to a higher quantity being demanded at a given price.
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