Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

Chapter 3 - Demand, Supply, and Market Equilibrium - Discussion Questions - Page 72: 1

Answer

The law of demand states that as the demand by consumers for a certain resource increases, the amount produced will increase. Contrarily, if demand decreases, the amount produced will decrease.

Work Step by Step

The law of demand states that as the demand by consumers for a certain resource increases, the amount produced will increase. Contrarily, if demand decreases, the amount produced will decrease.
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