ECO365 University of Phoenix Law of Supply and Law of Demand Questions

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Question Description

Respond to the following questions in a minimum of 175 words each response

1. Define the  law of supply  and the  law of demand. Discuss how market supply differs from individual supply, and explain the difference between individual demand and market demand.

2. What is opportunity cost and how do opportunity costs figure into cost / benefit analysis?

3. Indeed, changes in price of a good or service affect consumers and producers in opposite ways. When only price changes for a particular good, movements up or down supply and demand take place. When all else constant doesn't hold, what might happen to demand if consumer preferences change?

Tutor Answer

RyanTopTutor
School: University of Virginia

Attached.

Running Head: THE LAW OF DEMAND AND SUPPLY

The Law of Demand and Supply
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1

THE LAW OF DEMAND AND SUPPLY

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1. Define the law of supply and the law of demand. Discuss how market supply
differs from individual supply, and explain the difference between individual
demand and market demand.
The law of supply and demand is an important economic theory that explains the
interaction between buyers and sellers. The law of supply and demand states that as the demand
increases the prices goes high which then attracts new suppliers in the market thus bringing the
prices back to normal in the market. On the other hand, as the supply increases, the prices go
down because the buyers have many alternatives and the supplier cannot charge high prices than
the market (Flux, 2018). The law of demand and supply in other words indicates how the
relationship between the availability of a given product and the desire to purchase the product
affect prices. The law of demand for e...

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