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Solved: 1. What Does It Mean To Say That Price And Quantity Demanded Are Inversely Related? 2. Demand Is A Function Of Five Factors. Stated Differently, If There Is A Change In Any Of These Five Facto

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1. What does it mean to say that price and quantity demanded are inversely related?

2. Demand is a function of five factors. Stated differently, if there is a change in any of these five factors, demand will either increase or decrease. What are these five factors? Describe how increase/decrease in each factor will effect the demand curve.

3. If demand for a good increases, will the demand curve ( that represents the good) shift to the right or to the left?



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What does it mean to say that price and quantity demanded are inversely related? According to the law of demand, price and the quantity demanded of a product are inversely related. This means that

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