What is demand?


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This refers to the quantity of a good or service that individuals are willing and able to purchase at alternative prices. Demand for resources similarly refers to the quantities of resources producers are willing and able to buy at different prices.

The Law of Demand

The law of demand states that the lower the price of a product, the more of that product the consumers will buy; the higher the price, the less that will be purchased, holding other factors constant (ceteris paribus). This implies a negative relationship between the price of a good and the quantity of that good that buyers demand.

 


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