in two or three sentences explain the law of downward-sloping demand
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The law of demand states that there is an inverse proportional relationship between price and demand of a commodity. When the price of commodity increases, its demand decreases. Similarly, when the price of a commodity decreases its demand increases.
Thus, the demand curve is downward sloping from left to right.
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Explanation:
The law of demand states that there is an inverse proportional relationship between price and demand of a commodity. When the price of commodity increases, its demand decreases. Similarly, when the price of a commodity decreases its demand increases. ... Thus, the demand curve is downward sloping from left to right.
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