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The Law of Demand

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Rodline Georges 11/1/2013 Module 2 Assignment 1 Macroeconomics Instructor. Michael De R

The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this always true?
In your answer, provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such examples and justify your conclusions.

Demand is referred to how much the quantity of a product or service is desired by the buyers or consumers. Which is also defined as the quantity demanded in the amount of product or supply that the people are willing to buy at a certain price points.
Basically whenever the demand increase its due to the fact that its now a necessities, sometime people naturally avoid buying the product that will force them to forgo the consumption of something else that’s more valuable to them. For Example:

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