Law of demand

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Demand is the economic theory that explains a consumer’s desire and readiness to pay a price for a precise good or service. Normally, the price of commodities and services increase as their demand dwindles while the price decreases when there is a high demand for them. According to Taylor and Weerapana (53), the term demand is a relationship between two economic variables namely: the price of a particular good; and the quantity of that good that consumers are willing to buy at the price…

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