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A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.

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Flossie Kozey

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3y ago

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What is demand and law of demand?

The law of demand is that when you demand something you MUST say please and thank you, it's the law.


What is derivation of law of demand?

Law of demand is the higher the price the lower of goods demand for


Law of demand and supply?

Consumers is the law of supply and demand.


Why does the law of demand hold?

why does the4 law of demand holds


Example of law of demand?

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Define law of demand?

the law of demand state there is a negative or inverse relation ship


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Law of demand is the reason of the downward sloping of demand curve.Law of demand states the inverse relationship of demand of a commodity and it's price,and demand curve represents this inverse relationship of demand and price.So in this way they both are related.


How is law of demand related to the demand curve?

Law of demand is the reason of the downward sloping of demand curve.Law of demand states the inverse relationship of demand of a commodity and it's price,and demand curve represents this inverse relationship of demand and price.So in this way they both are related.


Describe the law of supply and demand and explain how increases and decreases in supply and demand affect prices?

The higher the price the larger the quantity produced, as the price of a good raises existing firms will produce more to earn additional revenue.


What is an exampe of a law of demand?

law f exponent


State what the law of supply and demand shows and describe how it works?

If the demand for a commodity increases, but the supply does not increase equally, the price will decreaase. If the supply of a commodity increases, but the demand for that commodity does not increase equally, the price will increase. If the demand for a commodity decreases, but the supply does not decrease equally, the price will increase. If the supply of a commodity decreases, but the demand does not decrease equally, the price will decrease


Law of supply and demand which one starts?

In the law of supply and demand, the first to start is the demand as customers are wanting the particular service or product that is being offered.