The law of demand states that: price and quantity demanded are inversely related. the larger the number of buyers in a market, the lower will be product price. price and quantity demanded are directly related. consumers will buy more of a product at high prices than at low prices.
The law of demand states that: price and quantity demanded are inversely related. the larger the number of buyers in a market, the lower will be product price. price and quantity demanded are directly related. consumers will buy more of a product at high prices than at low prices.
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 18SQ
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- The
law of demand states that:- price and quantity demanded are inversely related.
- the larger the number of buyers in a market, the lower will be product price.
- price and quantity demanded are directly related.
- consumers will buy more of a product at high prices than at low prices.
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