Question
Consider the following statements regarding laws of demand and supply: 1. The law of demand says that at higher prices, buyers will demand less of an economic good. 2. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. 3. Producers supply more at a higher price because the higher selling price justifies the higher opportunity cost of each additional unit sold. Which of the statements given above is/are correct?
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