why is price elasticityof demand generally negative?
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The first law of demand states that as price increases, less quantity is demanded. This is why the demand curve slopes down to the right. Because priceand quantity move in opposite directions on the demand curve, the price elasticity of demand isalways negative.
hope u got it the Answer!!!
The first law of demand states that as price increases, less quantity is demanded. This is why the demand curve slopes down to the right. Because priceand quantity move in opposite directions on the demand curve, the price elasticity of demand isalways negative.
hope u got it the Answer!!!
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