The law of demand is the principle that there is an inverse between the price of a good and the quantity that buyers are willing to purchase in a defined time period, ceteris paribus.

Question

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The law of demand states that as the price of a good increases, the quantity demanded decreases, all other factors remaining constant. Therefore, there is an inverse relationship between price and quantity demanded, and this is known as the law of demand. This principle is a fundamental concept in economics.

The Law of Demand Is the Principle That There Is