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Meggie
History
18 November, 04:45
What 3 concepts explain the law of demand?
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Rory Yu
18 November, 05:03
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Law of demand: At higher prices, a lower quantity will be demanded than at lower prices, other things being equal. Alternatively, at lower prices, a higher quantity will be demanded, other things being equal. The major nonprice determinants of demand are: (1) income, (2) tastes and preferences, (3) the price of related goods.
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