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Write the definition for each of the following: 1. Law of Demand 2. Law of Supply 3. Price Elasticity of Demand

Complete the following.  Include your references using APA formatting.

Write the definition for each of the following:

1. Law of Demand

2. Law of Supply

3. Price Elasticity of Demand

4. Macroeconomics

5. Microeconomics

Identify 2 Products whose demand is price elastic.

Identify 2 products whose demand is price inelastic.

Which of the following graphs best demonstrates the law of demand?

a) I
b) II
c) III
d) IV

Which of the following graphs best demonstrates the law of supply?

a) I
b) II
c) III
d) IV

References

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