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why is price inversely related to quantity demand?
The law of supply and demand is a keystone of modern economics. According to this theory, the price of a good is inversely related to the quantity offered. This makes sense for many goods, since the more costly it becomes, less people will be able to afford it and demand will subsequently drop.
The more costly the product becomes, less people will be able to buy it making the number of demand to drop. A rise in price will decrease the product's quantity demanded and vice versa.
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