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The law of demand tells us: Change in price will cause a change in the quantity demands and which direction it will change.
Does not tell us: How much the quantity demanded will change. A little or a lot? The law of demand fails to reveal the exact amount of change in the demand and/or price of an item.
Answer:
price increase= demand decrease
Step-by-step explanation:
The law of demand states that the quantity demanded of a good shows an inverse relationship with the price. Basically, It means that as the price increases, demand decreases.
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