Explain the law of demand with the help of demand schedule?
Saturday, March 18, 2023
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Question: Explain the law of demand with the help of demand schedule?
The law of demand is an economic principle that states that as the price of a good or service increases, the quantity demanded by consumers decreases, and as the price of a good or service decreases, the quantity demanded by consumers increases, assuming all other factors remain constant. This relationship between price and quantity demanded can be illustrated using a demand schedule, which is a table that shows the various quantities of a good or service that consumers are willing and able to purchase at different prices. As the price of the good or service increases, the quantity demanded decreases, and vice versa.
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