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The Law of Demand

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9 views27 pages

The Law of Demand

Uploaded by

happyfour381
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Market Forces of Demand and Supply

Principles of Economics

CHAPTER 4 THE MARKET FORCES OF SUPPLY AND DEMAND


Markets
 Buyers determine demand.

 Sellers determine supply.


Demand
 Demand comes from the behavior of buyers.
 The quantity demanded of any good is the amount
of the good that buyers are willing and able to
purchase.
 Law of demand: the claim that the quantity
demanded of a good falls when the price of the good
rises, other things equal
 The Law of demand states that there is an inverse
relationship between price and quantity demanded.

CHAPTER 4 THE MARKET FORCES OF SUPPLY AND DEMAND

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