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In other words, the law of demand states that the quantity demanded and the price of a commodity are inversely related, other things remaining constant. If the income of the consumer, prices of the related goods, and preferences of the consumer remain unchanged, then the change in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. There are, however, some possible exceptions to this rule.
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State and explain the law of demand?
The law of demand states that there an inverse relation between change in price of good and the consequent change in demand for bad goods, assuming no change in all other factors influencing demand for that good.
Explain Why the law of demand can apply only in a free market economy?
The law of demand is that, all other factors held constant, the quantity of a good demanded increases as the price of that good falls. In a command economy, unlike a free market economy, it is the govenment, not market supply and demand,that determines prices.
Explain the say's law in economics?
states that supply creates its own demand.
What is one of the major factors determining the level of wages?
The law of supply and demand.
Which of the following is one of the major factors determining the level of wages?
The Law of Supply and Demand.
State and explain the law of demand?
The law of demand states that there an inverse relation between change in price of good and the consequent change in demand for bad goods, assuming no change in all other factors influencing demand for that good.
Explain Why the law of demand can apply only in a free market economy?
The law of demand is that, all other factors held constant, the quantity of a good demanded increases as the price of that good falls. In a command economy, unlike a free market economy, it is the govenment, not market supply and demand,that determines prices.
Explain the say's law in economics?
states that supply creates its own demand.
What is the major factors of determining the level of wages?
The law of supply and demand.
What is the major factors determining the level of wages?
The law of supply and demand.
What are the factors affecting the rule of law?
corruption ignarance civil unrest selective prosecution
What is one of the major factors determining the level of wages?
The law of supply and demand.
Which of the following is one of the major factors determining the level of wages?
The Law of Supply and Demand.
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
What is the explanation of determinants of demand?
law of demand: the higher the price the lower the demand for the product and vise versa
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 a basic principle of the law of demand?
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.
