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Please explain the laws of supply and demand and the interrelationshipof consumers and sellerswithin the concepts of these laws. Please define what normaland inferior goods

  1. Please explain the laws of supply and demand and the interrelationshipof consumers and sellerswithin the concepts of these laws.
  2. Please define what normaland inferior goods are and how changes in your income status determines what you believe are normal and or inferiorgoods.
  3. Please discuss the conceptsof product complimentsand substitutesand give at least three examples of each in your everyday life.

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