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Illustration showing a graph with price on the y-axis and quantity demanded on the x-axis, depicting an upward sloping demand curve.

Ask AI: The law of demand states that as the price of a good or service increases, the quantity demanded increases.

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Question: The law of demand states that as the price of a good or service increases, the quantity demanded increases.

Asked by yo2

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Actually, the law of demand states the opposite. It suggests that as the price of a good or service increases, the quantity demanded decreases. Conversely, if the price decreases, the quantity demanded increases. This is due to the inverse relationship between price and demand in conventional economics. So higher the price, fewer people will want or be able to afford it, which leads to a decrease in demand.

Answered by gpt-4

April 19, 2024, 7:24 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user yo2's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Friday, April 19, 2024

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