Question

What are the reasons behind the law of demand.

Answer 1

Answer:

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Answer 2

Explanation:

The 'law of demand' states that there is an increase in relation between the cost of any good and the 'quantity demanded' of the same period.

The 'substitution effect' and the intensity of a 'change in price' according to the inverse relation between the quantities demanded and price for the 'downward slope' of the 'demand curve.'  

While the 'demand schedule' is a list of the quantity demanded at each price, the demand curve is graphical representation on the value of the 'demand schedule'.