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DEMAND & SUPPLY (Demand Factors (changes in taste, changes in levels…
DEMAND & SUPPLY
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Laws*
inversely relationship
when the price increase, the quantity demanded decrease.
when the price decrease, the quantity demanded increase.
Laws
positive relationship
when the price increase, the quantity supplied increase.
when the price decrease, the quantity supplied decrease.
is the willingness, desire and ability to buy a good
shifts are changes in demand, movements are changes in prices resulting from quantity demanded
a shift in the supply curves is a change in supply, but a movement along the curve is a change in quantity supplied resulting from a change in prices of the good itself
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