Principles of Macroeconomics / Unit 2 MAC 0103 short lesson, about 20 seconds
The Law of Demand
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The idea
The law of demand says that a higher price lowers the quantity demanded, and a lower price raises it, with all other things held unchanged.
In practice
A shop with too much stock holds a sale, expecting the lower price to move it.
Where people slip
The law is called a law because study after study has found it, not because it is true by definition.
Your place on the trail
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