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What is Economic Principles of Supply and Demand about?
As housing prices fell in the US in 2008, the number of homes for sale decreased. This illustrates the law of supply - as prices decrease, suppliers reduce the quantity supplied. In 2008, when corn prices increased by 35%, some Texas cotton farmers stopped growing cotton and started growing corn instead. This shows the law of demand - at higher prices, demand increases as consumers substitute towards the more expensive good. The passage provides several examples illustrating the basic economic principles of
- Author
- M Bilal Saleem
- Language
- EN