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UNIT 2, Determinants of demand, Determinants of Supply, 4 criterias of…
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Determinants of demand
Demand
Definition: Demand is the quantity of a good or service that consumers are willing and able to buy during a specific time period.
The law of Demand : The law of demand states that as the price of a good increases, the quantity demanded of the good decreases.
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Determinants of Supply
Supply
Definition: Supply is the quantity of a good or service that producers are willing to offer for sale at a given price during a specific time period.
The law of supply: The law of supply states that as price increases, more of a good is offered for sale by firms. As price decreases, less of a good is offered for sale.
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