The Average Age in the United States Is _____, Causing

question 51

Multiple Choice

The average age in the United States is _____, causing the demand for prescription drugs to _____.

• A) increasing; decrease
• B) increasing; increase
• C) decreasing; increase
• D) decreasing; decrease

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Definitions:

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared to buy at a given price.

Excess Supply

A situation where the quantity of a product offered for sale by producers exceeds the quantity that consumers are willing to buy at a given price.

Quantity Supplied

The total amount of a specific good or service that producers are willing and able to sell at a particular price over a given period of time.

Quantity Demanded

The specific amount of a product that consumers are willing and able to buy at a given price over a certain period of time.