The law of demand states that as the price of a good increases, the quantity demanded decreases.

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The law of demand is one of the fundamental principles in economics, which states that as the price of a good or service increases, the quantity demanded of that good or service will decrease, and vice versa, assuming all other factors remain unchanged. This law is based on the assumption that people generally act rationally and will seek to purchase goods and services at the lowest possible prices.

The Law of Demand States That as the Price of a Good