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Describe the law of demand Describe the law of supply Draw a supply and demand diagram Label each axis the demand curve the supply curve the

Describe the law of demand. 2. Describe the law of supply 3. Draw a supply and demand diagram. Label each axis, the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity. 4. Cons demand curve shifts to the right. This will create a new equilibrium price and ider that a market begins in equilibrium. If there is an increase in demand, it means that the quantity a. Compared to the old equilibrium price, is the new equilibrium price higher or lower? Compared to the old equilibrium quantity, is the new equilibrium quantity higher or lower

May 15 2020 View more View Less

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