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Provide a definition of the law of demand and explain how it can be used to determine prices.

Provide a definition of the law of demand and explain how it can be used to determine prices.

unit 4 economics

1. In an answer of at least two well-developed paragraphs, provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept.

2. In an answer of at least two well-developed paragraphs, provide a definition of the law of supply, and describe the factors that will cause a shift in the supply of a product. Provide an example of your own that illustrates how these factors affect supply.

3. In an answer of at least two well-developed paragraphs, define the terms shortage and surplus and explain how each impact the prices of goods in the marketplace.

4. In an answer of at least two well-developed paragraphs, explain how supply and demand work together to reach the equilibrium price in the marketplace.

Answer preview to provide a definition of the law of demand and explain how it can be used to determine prices.

Provide a definition of the law of demand and explain how it can be used to determine prices.

APA

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