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Answer to Question #248334 in Economics of Enterprise for Sadam Dine

Question #248334
6. According to the law’s Demand, the higher the price of commodity, the lower will be quantity demand. Explain why.
1
Expert's answer
2021-10-08T17:11:57-0400

The law of demand states that if all other factors remain equal, the higher the price of a good, the fewer people will demand that good. In other words, the higher the price, the lower the quantity demanded.


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