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Law of Demand: demand is a schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period. The law of demand basically states as price falls the demand rises and has the price raises the demand falls. Other factors to pay a part in the price such as competition, the amount purchased can be a factor in price and if income changes this can also affect the amounts purchased. According to the reading, the law of demand is consistent with common sense. People ordinarily do buy more of a product at a low price than they will when the price is high...
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