Produce the quantity of candles being purchased

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Question

A family started a small business making and selling candles. The candles became popular so quickly that the family was unable to produce the quantity of candles being purchased. The family increased the price of the candles by $5. At the new price, candle orders decreased to a number that they could fulfill in a reasonable time period. This scenario demonstrates: macroeconomics. the law of supply. circular flow. the law of demand.

Reference no: EM133636568

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