Question - What is demand and law of demand?
Answer - Demand: Demand refers to the quantity of a good or service that consumers are willing and able to buy at various price levels during a given period. The demand for a product is influenced by several factors, including price, consumer preferences, income levels, availability of substitutes, and future expectations.
The law of demand - The law of demand states that, as the price of a product increases, the quantity demanded decreases, and vice versa. This inverse relationship between price and quantity demanded is represented by the downward-sloping demand curve.
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