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Week 3 Supply and Demand (Law of Supply (Shifts in supply (Shift in supply…
Week 3 Supply and Demand
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Law of demand
Holding all else constant, when the price of a product falls, the quantity demanded of the product will rise and vice versa
Shifts in Demand
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Examples include: changes in income, in taste, the price of related goods, number of buyers
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Law of Supply
Holding all else constant, increases in the price of a good causes an increase in the quantity supplied and vice versa
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Shifts in supply
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Shift in supply
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Examples include: Changes in input costs, technology, taxes, expectations and number of sellers
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