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DEMAND, download-1 - Coggle Diagram
DEMAND
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What is demand?
Demand refers to the amount of a product that consumers are willing and able to buy at a given price, at a given time. (Ex: If you need a new car, for example, the price of a Honda may affect your demand for a Ford.)
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The Law of demand:
The law of demand states that when the price of a product falls, the quantity demanded of the product increases. When the price of a product rises, the quantity demanded will fall.
There is an inverse relationship between price and quantity demanded. The slope of the curve is negative
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