

How does the law of demand provide a foundation for understanding consumer behavior in various economic models?
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what does the law of demand say
- Are there industry-specific factors that influence the price elasticity of demand?
- How do experiments and test markets help in estimating demand?
- How is the law of demand a fundamental principle in economics?
- Why does greater scarcity typically lead to higher prices, influencing the quantity demanded?
- What factors determine the price elasticity of demand?
- Is the demand for a specific brand typically more or less elastic than the demand for the general product category?
- Why does the demand curve for a Giffen good slope upward?
- What is an inferior good and how does a change in income affect its demand?
- How does the law of demand provide a basic framework for understanding the potential consequences of government interventions in markets, such as setting minimum wages or regulating prices?
- What is the substitution effect?
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