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3 cards from this section. Quick, good the night before a test.
What is a market?
Think about where exchanges take place.
Give an example of a virtual market.
Consider platforms on the internet.
What is a market in economics?
Consider how buyers and sellers meet.
True or False: A market must always be a physical place.
Think about online shopping.
Explain how a sudden increase in demand can impact small businesses in a local market?
Consider the balance of supply and demand.
Analyze the effects of introducing a new competitor in a market on pricing strategies.
Think about how competition influences consumer choices.
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