13. The law of demand refers to the *
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The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.
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1:The law of demand states that "conditional on all else being equal, as the price of a good increase, quantity demanded decreases; conversely, as the price of a good decrease, quantity demanded increases". 2: Hence law of demand mainly describes the relationship between price and demand.
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