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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is say’s law?

To determine

Say’s Law is to be defined.

Explanation

It says as producer or firms uses its factor of production to produce particular good or service, he is being paid remuneration in the foam of wages, salaries, profit or interest. He uses such amount to purchase or consume other goods or services.

This law implies that there is always supply for demand. There is no excess supply or excess demand in the economy. If there is some excess supply of a particular good or service, then there has to be to deficit demand for another good or service...

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