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For more information see: http://truecostofhealthcare.net/the_pharmaceutical_industry/
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(What is a budget constraint? When income or pricee changes, how is the budget line affected?) This Economic 150 video teaches budget constraint, and change in income.
Question: What is an…
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Supply and Demand- How it Affects Price and Quantity
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Economic profit and if firms will enter or exit the industry.
Question: What is economic profit?
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Parts of the circular flow diagram.
Question: What are the parts of the circular flow diagram?
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Shifts in supply and demand.
Question: What effect do shifts in supply and demand have on quantity and price?
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