Define carefully what is meant by demand schedule or curve

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a. Define carefully what is meant by a demand schedule or curve. State the law of downward-sloping demand. Illustrate the law of downward-sloping demand with two cases from you own experience.

b. Define the concept of a supply schedule or curve. Show that an increase in supply means a righward and downward shift of the supply curve. Contrast this with the righward and upward shift of the demand curve implied by an increase in demand.

Reference no: EM13996805

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