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Describe the law of demand? Describe the law of supply? Explain how a Market achieves equilibrium? Assume price is above equilibrium. Describe the events that

Describe the law of demand?

Describe the law of supply?

Explain how a Market achieves equilibrium?

Assume price is above equilibrium. Describe the events that the market to equilibrium?

Assume the price is below equilibrium. Describe the events that market to equilibrium?

( Reference:Principles of microeconomics 2e,2018; openstax, Steven A. Greenlax, University of Mary Washington, David Shapiro, Pennsylvania State University, Timothy Taylor, Macalester College.)

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