The Law of Supply
states that at higher prices, producers are willing to
offer more products for sale than at lower prices
states that the supply increases as prices increase and
decreases as prices decrease
states that those already in business will try to increase
productions as a way of increasing profits
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The Law
of Demand
| states that people will buy more of a product at a lower
price than at a higher price, if nothing changes
states that at a lower price, more people can afford to
buy more goods and more of an item more frequently, than they can at a
higher price
states that at lower prices, people tend to buy some goods
as a substitute for others more expensive |
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