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Explain the law of demand with diagram
Explain the law of demand with diagram
The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. This relationship is typically represented by a downward-sloping demand curve on a graph, where the x-axis represents quantity and the y-axis represents price.
What does the law of demand state?
What does the law of demand state?
The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.
How is the law of demand typically represented on a graph?
How is the law of demand typically represented on a graph?
The law of demand is typically represented by a downward-sloping demand curve on a graph, where the x-axis represents quantity and the y-axis represents price.
