Define Law of Supply and Demand

Scarcity falls into three distinctive categories. The price point at which the supply of a commodity matches its demand in the market.

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However the changes in the quantity supplied are different from the changes in the supply.

. Demand-induced supply-induced and structural. Demand-induced scarcity happens when the demand of the resource increases and the supply stays the same. Supply-induced scarcity happens when a.

This is because the sellers consider factors such as the market price Market Price Market price refers to the current price prevailing in the market at which goods services or assets are purchased or sold.

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