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Law of demand

275 bytes added, 00:04, 30 March 2011
Statement
* The [[price-elasticity of demand]] for a good is negative, or at best, non-positive.
* ''[[ceteris paribus]]'', as the price of a good increases, the demand quantity demanded for it decreases (or at best, remains the same).* ''[[ceteris paribus]]'', as the price of a good decreases, the demand quantity demanded for it increases (or at best, remains the same).
* The [[demand curve]] for a good is downward-sloping.
 
Note that the term ''demand'' is typically used, not for the ''quantity demanded'' at a particular price, but the entire demand behavior across the entire price range, though it may also be used in the sense of quantity demanded at a particular price.
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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