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Law of Demand

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PPGPortal > Home > Concept Dictionary > K, L, M > Law of Demand

The Law of Demand 

The law of demand states that if the demand for a good increases when income increases, then the demand for that good must decrease when its price increases.

(Varian, Hal R. 2010. Intermediate Microeconomics: A Modern Approach, 8th ed. New York: W.W. Norton, p.147.)


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