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Question 14 1 pt 14. Sellers respond to a surplus by cutting their prices. True False

Question 15 1 pts 15. In a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller. True False

Question 16 1 pts 16. A market's equilibrium is the point at which the supply and demand curves intersect. True False

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