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Directions: Answer the following questions below. Explain each. 1. Explain the laws of demand and supply, and identify factors that cause demand and supply to

Directions: Answer the following questions below. Explain each.

1. Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.

2. Explain price determination in a competitive market, and show how equilibrium changes in response to changes in determinants of demand and supply.

3. What is the usefulness of this learning in your Feasibility Study?

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