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Describe the law of demand

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Reference no: EM133516211

Questions:

  1. Describe the law of demand?
  2. Describe the law of supply?
  3. Explain how a Market achieves equilibrium?
  4. Assume price is above equilibrium. Describe the events that the market to equilibrium?
  5. Assume the price is below equilibrium. Describe the events that market to equilibrium?

(Reference: Principles of microeconomics 2e,2018; openstax, Steven A. Greenlax, University of Mary Washington, David Shapiro, Pennsylvania State University, Timothy Taylor, Macalester College.)

Reference no: EM133516211

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