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Explain the response of demand curve

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Reference no: EM133129478

(a) According to the law of demand, an increase in price will decrease the quantity of demand holding other things constant. What do you mean by holding other things constant?

(b) Explain the response of demand curve if 'other things' does not remain constant.

(c) Using demand and supply curve, how do you explain the concept of market mohanism?

Reference no: EM133129478

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