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#1: Supply and Demand
The Demand Curve
SD1) A good example of substitution is when a
consumer
a. buys a BMW car instead of a Ford as her income
rises
b. buys a generic brand of peanut butter when
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What is demand and supplyits what?
Demand and supply is an economic principle that describes the relationship between the availability of a product or service and the desire for that product or service.
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Businesses, organizations, and individuals involved in the production, sale, or distribution of goods or services are typically required to monitor and analyze demand and supply.
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To fill out demand and supply data, one must collect relevant information about the quantity of goods or services demanded and supplied at various price points.
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The purpose of demand and supply analysis is to help businesses make informed decisions about pricing, production levels, and marketing strategies.
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Information such as price, quantity, market trends, consumer preferences, and competitor actions must be reported on demand and supply data.
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