Concept Introduction
Law of Supply - It states that as the price of a good increases, its quantity supplied increases and vice versa. In other words, there is a direct and a positive relationship between the quantity supplied and product price. The law is based on the assumption of ceteris paribus, that is, when all other factors affecting supply remain constant.
Law of Demand - It states that as the price of a good increases, its quantity demanded decreases and vice versa. In other words, there is an inverse relationship between the quantity demanded and product price. The law is based on the assumption of ceteris paribus, that is, when all other factors affecting supply remain constant.
Market
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