differentiate and state the reason between the way the market reacts to a price change which is temporary for the same resource to the way the market reacts to a change that is permanent for similar resources. Concept Introduction: Market: this refers to a place where buyers and sellers meet each other through online, telephone of face to face to exchange goods and services for money.

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8. Includes all income earned: wages, profits, rent, and profit income within an Economy. Question 8 options: Trade Balance Net Income Gross Domestic Product National Income

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Chapter 11, Problem 3.5P

To determine

differentiate and state the reason between the way the market reacts to a price change which is temporary for the same resource to the way the market reacts to a change that is permanent for similar resources.

Concept Introduction:

Market: this refers to a place where buyers and sellers meet each other through online, telephone of face to face to exchange goods and services for money.

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