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Question: 1. Define the laws of demand and supply. Give at least one example.
2. What are the factors that create shifts in demand and supply in the market? Give at least one example.
3. Explain the difference between a change in quantity demanded and change in demand. Give at least one example.
4. Through the analysis of supply and demand in the market for a particular product explain how price for this product is determined.
Answer using academic literature. APA Format. times new roman, double spaced, in text citation and reference page.
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