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The Law of Demand is a frequently used expression that states that the prices and quantities are inversely related. However, certain peculiar circumstances preclude the application of the law of demand. The product will demand more at a higher price…
The Law of Demand is a condition in microeconomics that states that when the price of a commodity increases, the demand for its quantity decreases when all other conditions remain constant. On the other hand, when the price of goods…
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Microeconomics is derived from the Greek term “Mikro-” which means “small.” It is a component of the Economic Study. In comparison to macroeconomic analysis, which entails examining all economic activities in their entirety, Microeconomics examines the effects of a country’s…
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