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What is market demand schedule?
Can external factors, such as weather or the state of the economy, affect the market demand schedule?
Yes, external factors can certainly affect the market demand schedule. For example, if there is a recession, consumers may be less willing to purchase luxury goods, which would shift the market demand schedule for those goods downward. If it's a particularly hot summer, on the other hand, there may be increased demand for ice cream, which would shift the market demand schedule for ice cream upward.