Explain the law of demand in own words

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1. Explain the Law of Demand in your own words.

2. Give an example of a good that is a normal good for you. Give an example of a good that is an inferior good for you.

3. Give an example of goods that are compliments. Give an example of goods that are substitutes.

4. If a bar decreased the price of beer, what do you think would happen to the quantity of wine the bar would sell? What about the quantity of appetizers? How would those changes affect a bar's profit?

Reference no: EM13758914

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