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OleMash [197]
3 years ago
14

What events lead to the civil war

History
1 answer:
Olin [163]3 years ago
5 0
slavery in the South
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Substitution effect - As the price of a good increases people purchase less quantity because they will switch to a now "relatively" cheaper substitute. The price of the substitute isn't allowed to change, so people buy more of it and less of the original.


Law of D.M.R. - As you acquire more of a good, the value of each unit decreases. Because the value is decreasing, so is the amount you are willing to pay leading to an inverse relationship between price and quantity demanded.

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