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Supply and Demand (Demand (Factors that affect demand (Fashion: if a…
Supply and Demand
Demand
Demand curves show the relationship between the price of a product or service and the quantity of the product or service demanded
Demand curves are downward sloping and have quantity demanded along the X axis and the price along the Y axis
The law of demand states that as the price of a good or service increases, the quantity demanded will decrease and vice versa
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Supply
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Quantity supplied is along the X axis, price is along the Y axis
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The law of supply states that as the price of a good or service increases, the quantity supplied will increase
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