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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. The functional relationship between price and quantity demanded can be represented as Dx = f(Px).
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Demand schedule. The law of demand states
that when the price of a commodity falls its
demand increases and when the price of a
commodity rises, it's demand other thing
remaining constant.
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