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AP Microeconomics - Supply and Demand

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What is the law of demand?

There is an inverse relationship between price and quantity demanded

What is the law of supply?

There is a direct (aka positive) relationship between price and quantity supplied

List the five shifters of demand.

1. Tastes and preferences 2. Number of consumers 3. Price of related goods 4. Income 5. Future expectations

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2.1: Supply and Demand

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AP Microeconomics notes from Unit 2, Section 1: These notes cover supply and demand and the relationship between them. Make sure you have a good understanding of these notes before moving on, since these are two key concepts to understanding the rest of microeconomics.

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