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Relationship between the demand and supply.
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Explanation of Solution
Demand and
Concept introduction:
Law of demand: The law of demand states that if the price increases when other things remain the same, it will lead to an increase in the quantity demand and vice versa.
Demand: Demand refers to the total value of the goods and services that are demanded at a particular price in a given period of time.
Supply: Supply refers to the total value of the goods and services that are available for purchase at a particular price in a given period of time.
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Modern Principles: Microeconomics
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