Demand
Quantity of a product consumers are willing and able to buy at different prices in a given time period.
Real World
When Cadbury raised the price of a Freddo bar from 10p to 25p, social media outcry reflected the law of demand — consumers bought fewer at the higher price, and some switched to rival confectionery.
Exam Focus
State the law of demand explicitly in any definition question: quantity demanded falls as price rises, ceteris paribus.
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