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Explain how the price system eliminates a surplus.
The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pressure on price. Since price falls, quantity demanded rises and quantity supplied falls. This will carry on until quantity demanded is equal to quantity supplied.
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
who proposed the law of chemical combinations?
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Revise business plans to incorporate appropriate changes.
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