Question

State the law of demand ?
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Answer 1

Answer:

Definition: 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.

Answer 2

Answer:

In microeconomics, the law of demand is a fundamental principle which states that, " conditional on all else being equal, as the price of a good increases.

Explanation:

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