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(solution) understanding the laws of supply and demand and the difference


understanding the laws of supply and demand and the difference between changes in demand (supply), which are caused by changes in the respective determinates of demand or supply, and changes in quantity demanded (supplied) which result from changes in the price of the good or the service.  There are some basic principles, which must be followed when constructing supply and demand graphs, for example, price is always on the vertical axis and output (quantity) on the horizontal axis.
Laws of supply and demand

 

Understanding the laws of supply and demand and the difference between changes in

 

demand (supply), which are caused by changes in the respective determinates of

 

demand or...

 


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Sep 13, 2020

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