General Flashcards

1
Q
  1. Law of demand
A

stated that, other factors equal, the quantity demanded of a good decrease when the price of a good increase. Vise versa, cetris paribus

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2
Q
  1. Law of supply
A

stated that, all other factors equal, the qunaity supplied of a good increases when the price of a god increases. Vise versa, cetris paribus

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