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The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that demand increases when price decreases. Is this always true?

In your answer, provide at least three exs of products for which demand remains unchanged regardless of a change in price. Also, provide at least three exs of products for which demand increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such exs and justify your conclusions.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M973126

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