Explain law of demand with the help of schedule and diagram
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The Law of Demand states that when the price of a commodity falls, its demand increases and when the price of a commodity rises, its demand decreases; other things remaining constant. Thus, there exists an inverse relationship between price and quantity demanded of a commodity.
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The law of demand states that other thing being constant if the price of commodity rises the demand tends to decrease vice versa.
Example:- 10Balls at 50rs
5Balls at 100rs
Example:- 10Balls at 50rs
5Balls at 100rs
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