In this episode of The IAS companion, host Meghna delves into the fundamental concept of demand and supply in an economy. She explains the law of demand and supply and how it affects the prices of goods and services. Meghna also takes listeners through the demand and supply curves and how they demonstrate the relationship between quantity demanded and supplied at different price levels. She also explains the concept of equilibrium and how it is reached when the quantity demanded and supplied are equal. Meghna also highlights the various factors that can affect demand and supply, including income, population, and government policies. This episode is an essential listen for IAS exam aspirants as it provides a solid understanding of the basic microeconomic principles that are crucial for analyzing and evaluating economic policies.
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