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Demand curve slopes downward and supply curve

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Reference no: EM131165104

1. How does society manages its scarce resources and benefits from economic interdependence?

2. Why does the demand curve slopes downward and the supply curve slopes upward?

3. Where is the point of equilibrium and what does it determine?

4. Explain the impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.

Reference no: EM131165104

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