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19 July, 16:25

What 3 concepts explain the law of demand?

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  1. 19 July, 19:59
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    Law of demand: At higher prices, a lower quantity will be demanded than at lower prices, other things being equal. Alternatively, at lower prices, a higher quantity will be demanded, other things being equal. The major nonprice determinants of demand are: (1) income, (2) tastes and preferences, (3) the price of related goods.
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