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An economic system which relies on the price mechanism to allocate resources A Market Economy A movement along a demand curve as a result of a fall in the price of a product. Change in Quantity Demanded A shift in the demand curve to the right Increase in demand The willingness and ability to sell a product Supply A Decrease in Quantity Supplied A movement along a supply curve as a result of a fall in the price of the product Market Supply The ______ ______ of a product will consist of the amount supplied by all the individual producers competing to supply that product. What is the difference between economic cost and accounting cost? The inclusion of the dollar value of factors of production that a firm does not pay money for. What is the best alternative forgone? Opportunity cost Market Equilibrium This is where the quantity demanded of a product is equal to the quantity supplied.