write the importance of law of demand
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Importance of Law of Demand:
It helps the management in deciding whether how much increase or decrease in the price of commodity is desirable. (ii) Importance to Finance Minister. ... The tax will be levied at a higher rate only on those goods whose demand is not likely to fall substantially with the increase in price.
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The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.
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