Economics Today: Macro View (Looseleaf)
18th Edition
ISBN: 9780133916492
Author: Miller
Publisher: PEARSON
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Chapter 3, Problem 3.1SC
To determine
The
Concept Introduction:
Law of Demand- The neo-classical economist, Alfred Marshall propounded the law of demand which establishes an inverse relationship between the quantity demanded and its price. The law states that as the price of a commodity falls the demand increases and vice versa, assuming ceteris paribus. The assumption implies that all other variables that can affect demand like income, prices of substitutes and complements, tastes and preferences of the consumers etc should be constant.
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