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Law of demand

110 bytes added, 21:54, 25 March 2009
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The '''law of demand''' states the following equivalent things:
* The [[price-elasticity of demand]] for a good is negative, or at best, non-positive, and typically negative.* As ''[[ceteris paribus]]'', as the price of a good increases, the demand for it decreases(or at best, remains the same).* As ''[[ceteris paribus]]'', as the price of a good decreases, the demand for it increases(or at best, remains the same).
Goods satisfying the law of demand are termed [[ordinary good]]s. Examples of goods that (appear to) fail the law of demand are [[Veblen good]]s and [[Giffen good]]s.
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