law of demand - smaller the offered price must be in order...

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law of demand-- states inverse relationship between between the price of a good and the quanitity price buyers are willing to pay at a given time (ceteris paribus== all other things being equal ). So what its saying in simple terms= The greater the amount that needs to be sold, the
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Unformatted text preview: smaller the offered price must be in order for people to purchase it. "If the price of the good increases, the quantity demanded decreases, while if price of the good decreases, its quantity demanded increases."...
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