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Supply and demand

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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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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