The document discusses demand, supply, and the factors that influence them. It defines demand as how much of a good consumers are willing and able to purchase at different prices, represented by the demand curve. The law of demand states that quantity demanded is inversely related to price. Supply is defined as how much producers are willing to offer for...
Read more ↓The document discusses demand, supply, and the factors that influence them. It defines demand as how much of a good consumers are willing and able to purchase at different prices, represented by the demand curve. The law of demand states that quantity demanded is inversely related to price. Supply is defined as how much producers are willing to offer for sale at different prices, represented by the supply curve. The law of supply states that quantity supplied is directly related to price. Factors like income, prices of related goods, and expectations can cause the demand and supply curves to shift.
Read less ↑Tags: demand, demand curve, factors influencing demand, factors influencing supply, law of demand, law of supply, market equilibrium, price elasticity, supply, supply curve
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