Unformatted text preview: prices. This reflects the Law of Demand, which indicates that the demand will increase if the product price decreases and vice versa. However, in developing countries, such as Vietnam, Laos, where public transports still need improving in both quality and quantity, the consumers’ demand of gas use still remained strong as they have no other choice for transportation. Therefore, the number of buyers kept increasing, thus the demand remained no change. When gas price increased, many other goods’ prices such as food also relatively rose...
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- Spring '05
- Economics, Price point, oil prices, Economics Journal According, product price decreases, high gas prices.