Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 3 - Demand, Supply, and Market Equilibrium - Discussion Questions: 1

Answer

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Work Step by Step

The law of demand states that as the demand by consumers for a certain resource increases, the amount produced will increase. Contrarily, if demand decreases, the amount produced will decrease.
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