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The Law of Demand tells us that as the price goes down, the quantity demanded goes up.
The Law of Supply tells us that as the price goes up, the quantity supplied goes up.
Equilibrium is always downhill.
Factors that shift supply and demand.
This extra video covers a very important difference, and source of trickery on the Objective Assessment.
Answer each question on a piece of paper. Then watch the solution video. Trust me, I make the answer look easy. If you don't try it first, you won't build up your mechanism for answering Assessment questions.
Graphs are an important tool in economics. This video is for those looking to brush up on their understanding of graphs.