RELATED, other THINGS remaining constant. That is, if the income of the consumer, PRICES of the related goods, and preferences of the consumer remain unchanged, then the CHANGE in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. When there is excess demand of the commodity the price starts RISING and it continues to rise till equilibrium price is reached.

"> RELATED, other THINGS remaining constant. That is, if the income of the consumer, PRICES of the related goods, and preferences of the consumer remain unchanged, then the CHANGE in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. When there is excess demand of the commodity the price starts RISING and it continues to rise till equilibrium price is reached.

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Law of demand implies that when there is excess demand for a commodity, then

Economics Economics miscellaneous in Economics 3 months ago

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The Law of demand states that the quantity demanded and the price of a commodity are inversely RELATED, other THINGS remaining constant. That is, if the income of the consumer, PRICES of the related goods, and preferences of the consumer remain unchanged, then the CHANGE in quantity of good demanded by the consumer will be negatively correlated to the change in the price of the good. When there is excess demand of the commodity the price starts RISING and it continues to rise till equilibrium price is reached.

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Posted on 13 Jun 2025, this text provides information on Economics related to Economics miscellaneous in Economics. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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