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Question: The law of demand states that as the price of a good or service increases, the quantity demanded increases.
Asked by yo2
Actually, the law of demand states the opposite. It suggests that as the price of a good or service increases, the quantity demanded decreases. Conversely, if the price decreases, the quantity demanded increases. This is due to the inverse relationship between price and demand in conventional economics. So higher the price, fewer people will want or be able to afford it, which leads to a decrease in demand.
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