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What are the advantages and disadvantages of network structures?
Law Of Demand
An increase in a product’s price will reduce the quantity of it demanded, and conversely for a decrease in price.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price over a specified period.
Excess Supply
The situation in which the quantity of a good or service offered by producers exceeds the quantity demanded by consumers at a given price, often leading to a decrease in prices.
Market Price
The current price at which a good or service can be bought or sold, determined by the intersection of demand and supply forces in the market.
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