Description
What is the Law of Supply and Demand in a Microeconomics point of view? This is a discussion question, not a paper, per se. Minimum 150 words. Cite all work.
Explanation & Answer
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In a Microeconomics point of view, the Law of Supply and Demand is the basic principle on
which a market economy is based. This principle reflects the relationship between the demand
for a product and the quantity offered of that product taking into account the price at which the
product is sold.
Thus, according to the price that exists in the market of a good, the producers are willing to
manufacture a certain number of that good. Just as the buyers are willing to buy a certain number
of that good, depending on the price. The point where there is an equilibrium because the buyers
are willing to buy the same units that the producers want t...
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