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How does a change in price affect the law of demand

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Reference no: EM133145471

1. Explain why it takes all three economic resources to create most goods and services provided by businesses and governments.

2. How does a change in price affect the law of demand?

3. How does a change in price affect the law of supply?

4. Identify two examples (not already in the textbook) that can increase/decrease the demand for a good/service. Eg. You just earned a $1,000 increase in your annual salary will increase demand

5. Identify two examples (not already in the textbook) that can increase/decrease the supply for a good/service. Eg. Sony has introduced their first cell phone to the marketplace which will increase supply

6. In your own words, explain what the expression "a change in expectations of future conditions" means.

7. How can the prices of related goods impact on the supply of another good? Use an example to explain your answer.

Reference no: EM133145471

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