explain the law of demand. (5 marks)
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The law of demand is represented by a graph called the demand curve, with quantity demanded on the x-axis and price on the y-axis. Demand curves are downward sloping by definition of the law of demand. The law of demand also works together with the law of supply where it provides to us the efficient allocation of resources in an economy or in other words - the equilibrium price and quantity.
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Qx =quantity demanfed of good x
F =demand function
Px=price of the good
Y= list of other parameters held constant
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