What is the law of demand. Explain why do demand curve slope downwards?
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Answer:
In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".
Explanation:
The demand curve is downward sloping indicating the negetive relationship between the price of a product and the quantity demanded
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