Elucidate role does the loss of increasing opportunity cost

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Justifications for downward sloping demand curve

The demand curve shows that price and quantity are inversely related. Briefly explain two justifications for this relationship ( the income and substitution effects). The supply curve shows a positive relationship between price and quantity supplied. What role does the loss of increasing opportunity cost play in this relationship? What role does profit play in this relationship?

Reference no: EM1337824

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