sup8rRettycloven6
sup8rRettycloven6 sup8rRettycloven6
  • 10-03-2016
  • Social Studies
contestada

The Law of Demand states that more of a product will be purchased at lower prices than at higher prices.

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WorldCitizen WorldCitizen
  • 10-03-2016
Yes, this is correct.

Crucially, this is only the case if everything else stays equal: so if the quality of the product stays the same and if the income of the buyers doesn't decrease.

Then with a lower prize, more items will be purchased - and less if the prize increases.
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