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 - Review Questions - Page 73: 6

Answer

The law of demand states that as the demand for a given good decreases, the price of the given good increases. Thus, as demand changes, the demand curve shifts up and down.

Work Step by Step

The law of demand states that as the demand for a given good decreases, the price of the given good increases. Thus, as demand changes, the demand curve shifts up and down.
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