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What is the Law of Demand *
that there is a negative, or inverse, relationship
When price goes up demand drops
the amount of a product that a household would buy
when quantity supplied goes up when price goes up

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Final answer:

The law of demand explains the inverse relationship between the price of a product and the quantity demanded.


Explanation:

Law of Demand:

The law of demand states that quantity and price are negatively related. If the price of a product increases, the quantity demanded decreases, and vice versa. This relationship is due to diminishing marginal utility and differing consumer valuations.


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