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Law Of Phoenix Material: Supply And Demand Curves

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Law Of Phoenix Material: Supply And Demand Curves
University of Phoenix Material

Supply and Demand Curves

Answer the following questions

Write the definition for each of the following:

1. Law of Demand
Demand is the “wants” that consumers are willing to pay for. The quantity demanded is related to price.

As the price falls people demand more, if the price rises people demand less.

People may want many things, however only what they are willing to purchase is demand.
It is important to realize the other variables that affect demand, for example, the law of demand is stated if all things are constant, according to Colander (2013). Some variables that affect demand are disposable income, weather, and people’s taste.

2. Law of Supply

According to Colander (2013) supply is
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