defines law of demand. king back
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The law of demand is one of the most fundamental concepts in economics. ... The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded.
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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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