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Economics - Definitions
Complete the following. Include your references using APA formatting.
Write the definition for each of the following:
1. Law of Demand
2. Law of Supply
3. Price Elasticity of Demand
4. Macroeconomics
5. Microeconomics
Identify 2 Products whose demand is price elastic.
Identify 2 products whose demand is price inelastic.
Which of the following graphs best demonstrates the law of demand?
a) Ib) IIc) IIId) IV
Which of the following graphs best demonstrates the law of supply?
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