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Demand and Supply (2.1) - Coggle Diagram
Demand and Supply (2.1)
Demand
Demand is a schedule or a curve that shows the various amounts of products that consumers are willing and able to buy at a series of possible prices during a specific period of time.
Law of demand
As price falls, the quantity demanded rises. As price rise, the quantity demanded falls.
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Supply
Supply is a schedule or curve showing the various amounts of products that producers are willing and able to make available for sale at a series of possible prices during a specific time period.
Law of supply
As the price rises. the quantity supplied rises. As the price falls, the quantity supplied falls.
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