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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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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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. ...
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