In an answer of at least two well-developed paragraphs, provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept.
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In economics, the law of demand states that, all else being equal, as the price of a product increases(↑), quantity demanded falls(↓); likewise, as the price of a product decreases(↓), quantity demanded increases(↑).
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Jun 3rd, 2015
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