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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1339 |
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This law shows how a change in price can affect an individual’s desires or demand for any particular item.
Factors that lead to a change in Supply and a change in Demand
To analyze the factors that change supply one must first understand the difference between supply and quantity supplied. Supply “refers to a schedule of quantities a seller is willing to sell per unit of time at various prices, other things constant, while quantity supplied refers to a specific amount that will be supplied at a specific price†(Colander, 2008)...
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Supply “refers to a schedule of quantities a seller is willing to sell per unit of time at various prices, other things constant, while quantity supplied refers to a specific amount that will be supplied at a specific price†(Colander, 2008). Factors that can that affect how much will be supplied include the price of inputs used in production, technology, expectations, and taxes and subsidies...
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