Supply is the willingness of sellers to offer a given quantity of a good or service for a given price
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3. BASIC PRINCIPLES AND CONCEPTS #13;
In this reading, we will explore a model of household behavior that yields the consumer demand curve. Demand , in economics, is the willingness and ability of consumers to purchase a given amount of a good or service at a given price. <span>Supply is the willingness of sellers to offer a given quantity of a good or service for a given price. Later, study on the theory of the firm will yield the supply curve.
The demand and supply model is useful in explaining how price and quantity traded are determined and ho
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