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    Ritika Choudhary
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    The document discusses the concept of demand in economics and the law of demand. It defines demand as consumers' willingness and ability to consume a given good. It then explains the law of demand - which states that an increase in price will decrease the quantity demanded of most goods, while a decrease in price will increase the quantity demanded. The inverse relationship between price and quantity demanded is typically represented by a downward sloping demand curve.

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    Assignment 2 (2)

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    The document discusses the concept of demand in economics and the law of demand. It defines demand as consumers' willingness and ability to consume a given good. It then explains the law of demand - which states that an increase in price will decrease the quantity demanded of most goods, while a decrease in price will increase the quantity demanded. The inverse relationship between price and quantity demanded is typically represented by a downward sloping demand curve.

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    5 views1 page

    Assignment 2

    Uploaded by

    Ritika Choudhary
    The document discusses the concept of demand in economics and the law of demand. It defines demand as consumers' willingness and ability to consume a given good. It then explains the law of demand - which states that an increase in price will decrease the quantity demanded of most goods, while a decrease in price will increase the quantity demanded. The inverse relationship between price and quantity demanded is typically represented by a downward sloping demand curve.

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    © All Rights Reserved
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    ASSIGNMENT

    Unit II: Consumer equilibrium and demand

    1. Define demand. Explain in detail “Law of Demand”

    Demand in economics is defined as consumers' willingness and ability to consume a given good. An
    increase in price will decrease the quantity demanded of most goods. A decrease in price will increase
    the quantity demanded of most goods. The inverse relationship between price and quantity demanded
    of a good is known as the law of demand and is typically represented by a downward sloping line known
    as the demand curve.

    The lower the price of a good, the larger the quantity consumers will buy. So the demand curve slopes
    downward from left to right.

    2. Do you think unions hurt the economy?

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