Distinguish between Demand and Supply. – InterviewSolution

1.

Distinguish between Demand and Supply.

Answer»

Demand:

1. Demand is a desire backed by ability and willingness to pay.

2. Demand is inversely related to price.

3. Demand curve has negative slope.

Supply:

1. Supply means the various quantities offered for sale by a producer at a given price and at a given period of time.

2. Supply is directly related to price.

3. Supply curve has positive slope.

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