Why do we use a simplified model of supply and demand when studying basic economics?
Why do we use a simplified model of supply and demand when studying basic economics?
Homework Answers
When we talk about the economics then these two terms are very popular that are demand and supply model
Demand is from the consumer side and supply is from the producers side
Demand follows the law of demand which states that if other things are held constant then price and quantity demanded are inversely related
If we talk about law of supply then if other things held constant then price and quantity supplied are directly related
So by using these concepts many firms can make their selling decisions to improve their profit and react according to the situation of the economy
Sometime there are also exceptions of law of demand and supply
But as a general rule these are accepted worldwide
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