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    Supply and demand

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    Explain the following

    Law of demand and law of supply
    Factors affecting demand and supply
    Price elasticity of demand
    Factors affecting price elasticity of demand

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    https://brainmass.com/business/business-law/supply-and-demand-406357

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    Law of demand and law of supply

    The law of supply and demand states that the price level of the commodity will tend to move toward the point that equates the quantity demanded and the quantity supplied. This point is referred to as the equilibrium point.

    Factors affecting demand and supply

    There are many factors that affect demand and supply. Some of the factors are:

    1. ...

    Solution Summary

    This solution discusses the: Law of demand and law of supply, factors affecting demand and supply, price elasticity of demand,factors affecting price elasticity of demand

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