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What Is an Exogenous Variable? Illustrate with Graphs the Effect

question 49

Essay

What is an exogenous variable? Illustrate with graphs the effect of a change in the exogenous variable on a demand and supply relationship. Mark the x-axis and y-axis clearly.


Definitions:

Defy Authority

To openly resist or refuse to obey figures of authority or established rules.

Value

The importance, worth, or usefulness of something, often determined by social, personal, or economic factors.

Self-Concept

A person’s understanding of who they are, in relation to self-esteem, appearance, personality, and various traits.

Demonstrating

The act of showing or explaining how something works or proving something through evidence or argument.

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