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Why is the law of demand called as conditional law? |
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Answer» ong>Explanation: In microeconomics, the law of demand is a FUNDAMENTAL principle which STATES that, "conditional on all else being equal, as the PRICE of a good INCREASES (↑), quantity DEMANDED will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". |
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