Question

Conclusion on theory on demand

Answer 1

Demand and supply refer to the relationship price has with the quantity consumers demand and the quantity supplied by producers. As price increases, quantity demanded decreases and quantity supplied increases.Perfect competition represents an economy with many businesses competing with one another for consumer interest and profits.Knowing this will lead countries to specialize and trade products amongst each other rather than each producing all the products it needs.

Answer 2

Explanation:

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