state law of demand. explain with a schedule and diagram.
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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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Law of Demand: Schedule, Curve, Function, Assumptions and Exception. ... The law of demand describes the relationship between the quantity demanded and the price of a product. It states that the demand for a product decreases with increase in its price and vice versa, while other factors are at constant.
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