EMI 1
1. define-
a. demand is the quantity of a product that buyers are willing and able to purchase per time period at a specific price, ceterus paribus.
b. law of demand is as the price per unit of a product rises quantity demanded per time period decreases, cetirus paribus
c. Utility is happiness.
2. the weakest is number 2 as there are several other ways to get happiness such as being with your parents or friends.
3. 1-2
2- 3
3- 4
4. none, since no one produces things for zero price.
5. yes there is when the demand for it is higher such as changes in season or your taste in something is higher.
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