What is Demand & Supply?
In microeconomics, demand and supply are the two main factors that influence cost in an economic model. The demand and supply model illustrates how the price of a commodity per unit will fluctuate or be prevalent in the market until it is required to reach equilibrium by the market. Two tables are used to show the supply and demand schedules.
The supply schedule table depicts the relationship between the quantity of a product provided and its price. The producers' expectations, the quantity of providers, and other factors all influence supply. The demand schedule, on the other hand, depicts goods and services with high demand at changeable prices. Consumer expectations, price, and quantity are all factors of demand.
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