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In many cases, it is reasonable to refer to the __________________ as the price.

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the:

According to ____________________, it is necessary to give up some of one good to gain more of the other good.

The lesson of ____________ is to forget about the money that’s irretrievebly gone and instead foscus on the marginal costs and benefits of future options. 

The longer the time period under consideration, the more the elasticity of supply to:

A supply curve is a graphical illustration of the relationship between price, as shown on the vertical axis, and ____________, as shown on the horizontal axis. 

Youth smoking seems to be more ___________ than adult smoking. That is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price.

In The Wealth of Nations, Adam Smith introduces the concept of _______________. Simply defined, this idea divides the work required to produce any good or service into a number of different tasks that are performed by different workers.

Which type of environment would most likely have a higher biodiversity?

Identify which of the following is an inference.