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tsk tsk
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2 months ago

One major reason for the law of demand is that



▸

one price changing requires at least one other price to change in the opposite direction.



▸

people substitute relatively lower-priced goods for relatively higher-priced goods.



▸

a higher price never reduces quantity demanded by enough to lower total revenue.



▸

people are willing to produce more units at a higher price.

Textbook 
Economics

Economics


Edition: 12th
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dm408dm408
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2 months ago
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people substitute relatively lower-priced goods for relatively higher-priced goods.
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