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Justifications for downward sloping demand curve

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The demand curve shows that price and quantity are inversely related. Briefly explain two justifications for this relationship (the income and substitution effects). The supply curve shows a positive relationship between price and quantity supplied. What role does the loss of increasing opportunity cost play in this relationship? What role does profit play in this relationship?

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Two justifications for the inverse relationship between price and quantity.

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Because of the law of diminishing marginal returns, firms often face positively sloped supply curves. In the short run, each additional unit produced often costs the firm more than the prior one. ...

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