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The 'law of demand' implies that:
As prices fall, quantity demanded increases.
As prices rise, quantity demanded increases.
As prices fall, demand increases.
As prices rise, demand decreases.
The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.
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