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ECON 2210 (30)
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Lecture

Law of demand.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Law of demand - Law of demand: there is an inverse relationship between a good’s price and the quantity demanded, other things held constant - An inverse or negative relationship between the price and quantity of a good demanded - Demand curve tells us the maximum amount someone is willing to spend for incremental units of good 1, other things constant - The curve equals to the marginal value and the more of a good one has, the lower the marginal value it is > must slope downwards - Moving down the demand curve means the process of subst
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